FYT Weekly News 9th - September

Money doesn’t = happiness...(as long as you're richer than your friends)

According to a study using Gallup World poll data from 160,000 adults in 24

countries, those earning more than their peers were more likely to feel happy/excited and less likely to feel stressed/sad or angry.



CHINA & UNITED STATES


Countries with a greater income inequality had the most prominent effect (the richest were significantly happier).

"People care very little about the actual figure they earn. They are more concerned with how their income compares with those around them."

(Nick Powdthavee, WBS Professor of behavioural science)


SO WHAT?


This study suggests...

  • In the workplace: your happiness is more likely to be influenced by how your salary compares to colleagues, rather than your precise salary.

  • In society: lowering income inequality is a way to improve national wellbeing



WOULD YOU RATHER EARN...?


£50,000 £40,000

When the rest of When the rest of

your friends earn your friends earn

£100,000 £20,000




Men More Likely to Quit their business start up


Men are 14% more likely than women to step down (govt funded study, University of Liverpool).


16.3% Vs. 18.6%

of women of men


quit their business each year


Women also...

stay longer at the helm despite making less money from their start ups than their male counterparts.


The study of 1,500 firms, 40k households and 100k people also found that running a business from home gives women flexibility, and also being the secondary bread winner meant their business was often subsidised by their partner.



Start up funding & women

According to the Rose Review (govt enquiry), women are...

  1. Receiving 53% less capital on average than men

  2. Less likely to take out a loan

  3. Less aware of funding options

  4. losing out on £250bn economic benefit because of the barriers



millennials most likely to fall victim to bank fraud


More than any other age group, millennials are falling prey to scams which involve handing over ££ to fraudsters (Lloyds Bank data).


£2,630

Average amount the 18 - 34 age group is losing to fraud


4x

The number of 18-34s being tricked has risen fourfold


£10,716

Average amount the 55+ hand over, BUT are LESS likely to be conned


What kinds of fraud?


Typically scammers are pretending to be...

  • Bank staff

  • The police

  • HMRC

Gareth Shaw, of consumer group Which? said “people are losing life-changing sums of money every day….”



Suspect fraud?

Immediately contact your bank/HMRC

or Action Fraud for more advice.

0300 123 2040

or

via their online reporting tool

actionfraud.police.uk


In the UK...


How much £££ DID criminals

successfully stEAL through fraud and scams in 2018?




Other News



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