GFY Newsletter
Posts
🏦 The Murdoch Family Showdown ⬆️ 6 hacks to increase your credit score 📅 Your Financial Calendar

🏦 The Murdoch Family Showdown ⬆️ 6 hacks to increase your credit score 📅 Your Financial Calendar

The 99 (30th September 2024)

Alice Tapper
September 30, 2024

Good afternoon and welcome to the news round-up. This week, with a new look and a new name!

Introducing The 99: financial news and insights for the everyday person. As part of a rebrand of GFY that will be rolling out over the next two weeks, we’ve given the newsletter a new name. But don’t worry - your favourite round-up remains the same. You can still count on accessible, trustworthy, and unbiased insights every Monday.

We might introduce some small changes and additions over the coming months, but as always, we rely on your feedback, so if you have any, please reply to this email and I’ll come back to you.

A quick piece of housekeeping: you might notice that this email is being sent from a new email address - this is because we’re now using a new email software called Beehiiv. In the coming weeks, it will change back to our own domain email address which is [email protected] or [email protected]. You may want to star or flag this email to prioritise it in your inbox. You may also want to add our email addresses to your contacts ([email protected], [email protected]).

You’re also the first to get a glimpse of the GFY rebrand, so I hope you like it 🙂

Alice x

gofundyourself
View more on Instagram
gofundyourself
Add a comment...

46%

The proportion of people who plan to use less energy than they comfortably need in order to cope with the new energy price cap of £1,717, starting tomorrow.

Why nobody wants to be a manager

Middle management is getting a makeover, or rather, it’s being avoided altogether.

And yes, we are going to throw another term at you...

A growing number of young professionals, particularly Gen Z, are consciously steering clear of management roles - a trend that has been coined "conscious unbossing”.

When Did This Start?

Earlier this year, big corporations such as Meta and Citigroup slashed jobs, and surprisingly, 30% of those cuts were middle-management positions.

This sparked what’s been dubbed the "great unbossing," where people began rethinking the need for layers of management. But there’s also been a shift in demand for these roles:

According to research by Robert Walters, more than 50% of young British professionals don’t want to take on middle-management roles at all.

Why less interest in management roles?

Lack of Training

77% of managers say they didn’t receive any training when promoted to their role, according to a Capterra survey.

To make things worse, 75% of them aren’t given any ongoing support either.

Too Much Stress

Management isn’t just about delegating tasks—it’s a high-stress role. 39% of current managers admit they’re drowning in responsibilities, and 66% say they regularly feel stressed or burned out. 9% even say they feel this way all the time.

Not Worth the Money

What about the paycheck? Well, it appears it’s not enough to sweeten the deal. 69% of Gen Z think middle management is "too high stress, low reward." The pay bump simply doesn’t justify the added pressure.

Limited Decision-Making Power

18% of Gen Z feel that mid-level roles don’t offer much decision-making power. Why take on extra responsibility if you lack the authority to make real changes?

11% worry that management could stall their personal aspirations by taking up too much of their time and effort.

What Do Younger Workers Want Instead?

They’re not rejecting ambition, just the ‘traditional’ way of achieving it.

72% of Gen Z professionals said they’d rather focus on personal growth and skill development than climb the corporate ladder as a manager. They’re looking for individual success, not titles.

When it comes to the typical office hierarchy, only 14% of Gen Z think the traditional structure still works.

In fact, 30% would prefer a flat, team-based setup over one that puts them in charge of colleagues.

Can Businesses Do Without Middle Managers?

89% of employers still believe middle managers are vital to their organisation.

36% of Gen Z professionals admit they may have to take on such a role at some point in their career, even if they’re not keen on it.

Your Guide To The Murdoch Empire Battle

Last week, behind the closed doors of a courtroom, one of the biggest media empires in history was at the centre of a family showdown. The Murdoch family fought over who would control the family legacy – and ultimately, the future of global media…

Wait, Who is Rupert Murdoch?

🇦🇺 Born in Melbourne, Australia in 1931, Murdoch took over his family’s newspapers in Adelaide in his early 20’s.

🌍 From there, he expanded rapidly, shaping the modern tabloid format and eventually acquiring huge media outlets across Australia, the UK, and the US.

📰 By the 1980s in the UK, he owned The Times, The Sun, News of the World, and had launched Sky.

📺 In the US, he took over Fox News, which became a major force in conservative media.

💸Today, his empire includes News Corp, valued at £11.4 billion, and Fox Corporation, worth £12.9 billion.

🤑 Murdoch’s personal fortune is also estimated by Forbes at £15.4 billion.

Real Life Succession...

Right now, Rupert Murdoch holds 4 out of 8 voting shares in the Murdoch Family Trust. Once he dies, the plan is that his votes will be divided equally between his kids.

The court case itself? Rupert is now pushing to amend the previously established trust to give the bulk of this power to Lachlan - his eldest son - who he has chosen as his successor and who is most ‘politically aligned’ with his own conservative viewpoints.

And the other kids are fighting back.

Lachlan's three siblings – James, Elisabeth, and Prudence – are arguing that their father is breaking the original intent of the trust.

The legal battle played out over 6 days in a private US courtroom, with the family flying in from around the world. Unfortunately, the final decision, made by a probate commissioner, could take months and the outcome will be sealed from the public.

Why Does This Matter?

The ripple effects will be felt by millions who consume his media globally.

News Corp UK alone controls 33% of the UK’s newspaper market, according to a study by the Media Reform Coalition.
Fox News has been a major player in US conservative media, having a pivotal role in Donald Trump’s rise to power.
In Australia, Murdoch’s News Corp controls 142 newspapers!

This isn’t just a family squabble - whoever takes control of the Murdoch empire will influence the editorial slant of these outlets, and shape political discourse for years to come. The outcome could shape what stories get covered, how they’re spun, and which political figures get the spotlight.

🤠

Beware The Airport Cowboys

Imagine this: You’re going on your honeymoon and you’re at the airport. You hand over your car to a meet-and-greet service to avoid the £616 weekly Heathrow bill and jet off.

But what if, when you return, your car has been damaged, driven hundreds of miles, or worse – it’s gone missing? This nightmare is becoming all too common across the UK.

🚙 With airport parking rates up 80%, and with the 4 largest airports in the UK making £2 million in parking fees per day from holiday goers like you, it’s no wonder you might look for cheaper options.

The Airport Parking Problem

Complaints about airport parking services, especially third-party meet-and-greet operators, are skyrocketing.

Gatwick Airport alone saw a 250% rise in complaints in 2023.

Heathrow Police received 300 allegations over the past 2 years related to dodgy parking services.

Bad Practices Exposed

A Which? Travel undercover investigation revealed shocking details about how these scam operators are ripping people off:

🪙 Stealing Money + Belongings 🪙

Loose change was stolen from each of the test cars used in the investigation. They even nicked a packet of sweets from the glovebox.

🏁 Dangerous Driving 🏁

2 cars were caught speeding a total of 6 times while being driven to off-site car parks. One was even clocked doing 70mph in a 50mph zone.

🅿️ Unsecure Parking 🅿️

Rather than storing cars in patrolled car parks as promised, one vehicle was left in the back garden of an abandoned rectory, and another in a muddy wasteland.

⛓️‍ Damage ⛓️‍

1 in 7 complaints about the services reported damage to vehicles. Whether it was scratches, broken lights, or dents, car owners were left footing the bill.

The Insurance Cover Conundrum

The British Parking Association (BPA) told Which? that many rogue operators don’t even have the proper insurance to run a meet-and-greet service.

And when something goes wrong, they’ll tell you to claim on your own insurance – which is often impossible due to the circumstances around it. Some services, like Mayfair Parking at Heathrow, even state in their terms and conditions that they won’t take responsibility for any damage.

What’s Being Done About It?

The BPA is in the recruitment phase of a new accreditation designed to weed out rogue operators. This is the first police-supported, on-the-ground assessment of airport parking services, focusing on safety and customer service standards.

The list of AM-GO certified operators is coming soon, so watch this space!

How to Protect Yourself

So, other than looking at reviews, what can you do to avoid falling victim?

👀 Do Your Research - Before booking, check out independent reviews and avoid operators with only mobile numbers for contact. Look for legit company information.

📋 Check Companies House - If the operator isn’t registered… red flag.

✅ Look For Accreditation: The BPA or trading standards stamps are a good sign. These indicate the company has been vetted.

👉 Go Direct - Booking through comparison sites can absolve the rogue operator of responsibility if things go wrong. Stick to well-known, official parking services.

A Poor Credit Score Could Cost You An Extra £270,000 Over Your Lifetime

With the rising cost of living and shaky job markets, more people are leaning on credit to get by, and having poor credit score could be costing you a lot more than you realise in the long run. Let’s start from the beginning….

🤔 What Exactly Is a Credit Score? 🤔

Your credit file determines how "worthy of credit" you are in the eyes of lenders. It’s a ledger of info about how you have used credit in the past.

Credit reference agencies (CRA) use that record to create a score of how ‘creditworthy’ you are.

In the UK, you don’t have just one score; there are 3 agencies —Experian, Equifax, and TransUnion— which calculate it slightly differently using factors incl. payment history, balance owed, the mix of credit accounts you have had, and more.

If your score is low/poor, you could face higher interest rates (because you are classed as ‘higher risk’, or less likely to pay back the money fully and on time) —or even get turned down for credit altogether.

Reportedly, a 20-year-old with a ‘poor’ credit score could end up paying £551,787 in interest alone by the time they're 68. That's £272,302 more than someone with a ‘good’ credit score.

These extra costs come from higher rates on mortgages, personal loans, auto loans, and credit cards.

While the average APR* for a loan is 24.9%, if you’ve got a poor credit score, you could be hit with rates of 54.9% or more.

People with poor scores are also worse off than they would have been 4 years ago - the gap is getting wider.

These extra penalties have doubled in size since 2020 when the lifetime interest hit for a low score was just £129,073.

*APR = Annual percentage rate. The interest rate that is charged to the borrower.

Simple Steps to Boost Your

Credit Score Right Now

🔍️

Check Your Credit Score Regularly

This won’t hurt your score. It’s called a ‘soft’ inquiry. You can check your report for free with agencies like Experian, Equifax, or TransUnion, and it can actually help you identify any inaccuracies that you can then appeal.

💳

Consider A Credit Builder Card

If you’re new to credit or have a limited history, a credit builder card could help. Just be sure to pay it off in full each month to avoid high interest.

Only get a credit card if you’re confident in paying all of it back on time, every month (or within the 0% period).

🗳️

Register To Vote

This can boost your score because credit agencies use the electoral roll to confirm your identity.

🗓️

Pay On Time

Pay your bills on time. Whether it's rent, utilities, or credit cards, staying on top of payments is crucial.

📝

Keep Your Information Up To Date

Moving home? Make sure your address is updated. Inconsistent details can hurt your score. Even moving too regularly can be problematic because it can demonstrate your ‘instability’.

🏛️

Avoid Applying For Lots Of Credit At Once

Multiple hard inquiries* in a short period can hurt your score. Try to spread out credit applications or check your eligibility before applying. *‘Hard’ inquiries only happen when lenders check your credit to make a decision on a loan, mortgage, or credit card. This type of inquiry actually stays on record and can impact your credit score.

Your Financial Calendar:

October - December 2024

Whether you’re looking at energy bills, taxes, or pensions, here’s a breakdown of the key dates to keep in mind and what they mean for you…

ADD ALL DATES TO YOUR CALENDAR

🎃 October 2024 🎃

October 1st

Save to cal

Energy Price Cap Change

The new energy price cap (£1,717 per year*) will come into effect, increasing the average annual energy bill for a dual-fuel household by £149. This represents a 10% rise.

👀 What It Means For You

Expect higher energy bills heading into the colder months. Consider reviewing your energy usage and potentially switching to a more affordable plan if possible.

*this is for a typical household who use electricity and gas and pay by Direct Debit.

October 5th

Save to cal

Register As Self-Employed Deadline

Self-employed individuals or those with untaxed income must register with HMRC by this date to file a self-assessment tax return for the first time.

👀 What It Means For You

If you're newly self-employed or have side income over £1,000, make sure to register with HMRC to get your Unique Taxpayer Reference (UTR) and avoid penalties.

October 16th

Save to cal

Key Inflation Figures Released

Inflation data from September will be published, which is used to determine the change in benefits and state pensions in April 2025.

👀 What It Means For You

If you receive benefits or are approaching state pension age, keep an eye on this data as it impacts your income in 2025.

October 30th

Save to cal

Autumn Budget

Sir Keir Starmer's government will present its first Budget. Experts are expecting significant changes, particularly around capital gains and inheritance tax.

👀 What It Means For You

Potential changes to taxation could impact your financial planning. If you're likely to be affected by capital gains or inheritance taxes, it might be time to consult a financial advisor.

October 31st

Save to cal

Paper Self-Assessment Deadline

This is the last day to submit your self-assessment tax return in paper format for the 2023-24 tax year.

👀 What It Means For You

If you're filing your tax return on paper, don’t miss this deadline. If you do it online, make sure to file it online by January 31st to avoid penalties.

🎇 November 2024 🎇

November 7th

Save to cal

Bank of England Rate Decision

The Bank of England's Monetary Policy Committee will announce whether it will raise, lower, or keep interest rates steady from the current rate of 5%.

👀 What It Means For You

A change in interest rates could affect your mortgage, loans, and savings. Be prepared to reassess your financial situation, especially if you have variable-rate products.