As the pound continues to fall in strength against foreign currencies, Christmas shoppers have been digging-out their old foreign currency to exchange for sterling.
M&S Money has reported that November saw a record number of people exchanging foreign currencies for sterling across the network of in store bureaux de change.
There has been a particularly high demand to exchange US dollars for sterling – a 53% increase in turnover over the past three weeks compared to the same period last year. Other popular ‘buy back’ currencies in November were the Swiss Franc and Japanese Yen.
Fraser Millar, M&S Head of Travel Services, said: “This time last year travellers heading to America were getting a great deal – almost US$2 for every £1. At that rate you would be wise to hold on to any dollars brought back to the UK and use them on your next trip.”
He continued, “Now the pound has weakened against the dollar – around US$1.44 for every pound – so travellers are getting less for their money in the US. Travellers returning home with cash that may have previously held on to the currency are now keen to grab the relatively low ‘buy back’ rates.”
Previous research carried out by M&S Travel Money* found that 80% of Brits bring back foreign currency when they return from a break abroad. Almost a third (28%) of those return home with more than £50 worth.
Over three quarters (76%) of British travellers that bring back foreign money said they do not bother or just forget to change the money back into sterling and a third (33%) simply leave it untouched in a drawer, wallet or handbag.
Fraser added: “As families continue to face financial pressures, the trend to keep currency rather than change back to sterling is likely to decrease. M&S offers a commission free buy-back service, so travellers don’t have to worry about bringing lots of cash home with them.”
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Tags: British travellers, currency, drawer, exchanges, handbag, sterling, wallet
New research conducted for Prudential shows that more than 4.6 million UK adults have their former bedrooms preserved by parents who cannot quite let go of earlier memories of their children.
A staggering 42% of UK adults (around 4.6 million people) whose parents still live in the family home say their former bedroom is still decorated as it was when they were a child, with 44% sleeping in their childhood bedroom when they return to see their parents.
It is not just the parents who hang onto those childhood memories, almost half (46%) of UK adults whose parents still live in the family home say they still regard their childhood bedroom as their room despite moving out.
However, much more than just the decoration remains unchanged. A third (33%) of UK adults whose parents still live in the family home say they sleep surrounded by childhood photographs, 27% with old school books and folders and 20% with their childhood toys when they visit their parents.
The research from Prudential also showed that a further 10% face the dubious retro-pleasure of childhood posters and 22% say their former childhood bedroom still contains trophies, awards and certificates from their formative years.
Keith Haggart, director of Prudential Lifetime Mortgage said: “The connection with the family home remains strong throughout our lives and our research has shown that around a third of UK adults say the home they grew up in is still lived in by their parents, so it is understandable that many people are loathe to sell the family home even if it means having to struggle to make ends meet, especially in retirement.
“But there are other options available and equity release can provide a good way for people to get hold of the money they have tied up in property equity without having to sell their family homes and downsize.”
In addition to preserving their childhood bedroom, 60% of UK adults whose parents still live in the family home say their parents store a range of belongings for them, with eight per cent having left letters from former boyfriends or girlfriends at their parents home, four per cent having left animals and pets with their parents and eight per cent using their parents house to store bicycles.
The most popular items to store at parental homes were school books and folders (left by 34% of UK adults), with photographs (32%), books (31%) and clothes (20%) all scoring highly.
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Tags: bedroom, childhood, Lifetime, Mortgage, Prudential, UK adults
Michael G. Carlton, president of Crescent State Bank (www.crescentstatebank.com), a wholly owned subsidiary of Crescent Financial Corporation, (NASDAQ Global MarketSM), has announced that the bank has launched Fraud Check, a program designed to assist members of the community in protecting themselves against becoming victims of fraud. Each of the bank’s 13 offices have been Fraud Check certified, enabling them to examine suspicious mail, checks and e-mails to help consumers determine if they are fraudulent.
To take advantage of this new service, individuals can bring questionable documents to any of Crescent’s Fraud Check certified locations where a member of the staff will help examine the document, ask questions and assist the consumer in determining whether or not the document is likely to be fraudulent. This recently launched service is available to all community members, not just clients of Crescent State Bank. For a complete list of Fraud Check certified locations as well as additional tips to avoid fraud, please visit http://www.crescentstatebank.com/centsibility/fraudcheck.html.
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News Facts:
• Michael G. Carlton, president of Crescent State Bank (www.crescentstatebank.com), a wholly owned subsidiary of Crescent Financial Corporation, (NASDAQ Global MarketSM), has announced that the bank has launched Fraud Check, a program designed to assist members of the community in protecting themselves against becoming victims of fraud.
• Each of the bank’s 13 offices have been Fraud Check certified, enabling them to examine suspicious mail, checks and e-mails to help consumers determine if they are fraudulent.
• To take advantage of this new service, individuals can bring questionable documents to any of Crescent’s Fraud Check certified locations where a member of the staff will help examine the document, ask questions and assist the consumer in determining whether or not the document is likely to be fraudulent.
• This recently launched service is available to all community members, not just clients of Crescent State Bank.
• For a complete list of Fraud Check certified locations as well as additional tips to avoid fraud, please visit http://www.crescentstatebank.com/centsibility/fraudcheck.html.
Quotes:
“Crescent State Bank is pleased to provide the Fraud Check program,” said Carlton. “With the constant barrage of fraudulent mail and e-mail, it is sometimes difficult to assess the accuracy of materials you receive. We hope that this program will assist members of all Crescent communities in avoiding common scams.”
About Crescent State Bank:
Crescent State Bank is a wholly owned subsidiary of Crescent Financial Corporation. The bank has total assets of $955.5 million, deposits of $711.6 million, and net loans of $759.1 million as of Sept. 30, 2008. The bank operates 13 full-service banking offices in the communities of Cary (2), Apex, Clayton, Garner, Holly Springs, Sanford, Southern Pines, Pinehurst, Raleigh, Knightdale and Wilmington (2), North Carolina. For more information, visit http://www.crescentstatebank.com.
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Following a new M&S Money survey which reveals that the contents of an average student bedroom are worth £1650, students heading to university are being urged to make sure they have appropriate insurance.
The poll of 2,000 students by M&S Money found that the average student bedroom contains:
– £718 worth of electrical gadgets and appliances
– £498 worth of clothing
– £224 worth of sports equipment
– £210 worth of text books
The huge value of a student’s bedroom is not surprising, with over half of students (53%) owning an MP3 player, 52% possessing a laptop and 42% enjoying movies on their own DVD player. The expense continues outside the bedroom, with a quarter of students owning a bike.
The survey also revealed that 14% of students have been burgled while at university and 22% of student cyclists have had their bikes stolen.
Despite this, only 16% of students have taken out their own insurance policy to cover their possessions whilst living in student accommodation. However, many people heading to university will not need to buy a stand-alone student policy and should check if their parents’ home insurance policy provides sufficient cover.
Steve Price, M&S Head of General Insurance, said: “Insurance may be the last thing on students’ minds as they prepare for the new academic year. It often feels like an unnecessary expense on top of everything else. Many students would be surprised to know that their valuables may already be covered – they just need to check whether their parents’ home insurance policy covers their property when away from home.”
Students whose parents have M&S Premier home contents insurance could even enjoy unlimited cover for their possessions when away from home. This covers events such as damage, flood or theft from halls. Students are also covered if their bike is stolen when they are at university, as long at it is left secured when unattended.
About M&S Money
M&S Money (originally called Marks & Spencer Financial Services) was founded in 1985 as the financial services division of Marks and Spencer Group plc. The company is now a top-ten credit card provider and the second-largest travel money retailer in the UK. M&S Money also offers insurance for homes, cars, travel, pets and weddings, as well as loans, savings and investments.
In November 2004, Marks & Spencer sold M&S Money to HSBC, one of the world’s largest banking and financial services organisations with over 9,500 offices in 85 countries and territories. The business continues to operate under the M&S Money brand, with an executive committee comprising an equal number of representatives from HSBC and Marks & Spencer.
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