Unwelcome news caps the week

The regulator says the rise is a result of higher wholesale gas prices, caused by the ongoing conflict in the Middle East. But it points out that prices remain below the height of the energy crisis in 2022.It also says 40 per cent of accounts – some two million – are fixed tariffs and are therefore unaffected.

Tim Jarvis, Ofgem CEO, stated: “We understand many will be concerned about rising prices. While energy use typically falls over the summer months, there are still practical steps households can take to manage costs, including exploring fixed tariffs or changing their payment method. Smart meter customers can also take advantage of half price or cheap electricity at the weekends.”

In this issue of Scotsman Money, Changeworks –a charity dedicated to decarbonising Scotland’s homes – sets out a range of ways people can act now to try to better manage their energy bills. I, for one, will be heeding their recommendations.

Also in this issue we hear from Acumen Financial Planning on what parents can do to support the increasing cost of their child’s education without compromising their own financial future.

And we explore the importance of retirement planning as a new report from Scottish Widows warns about the threat of “pension poverty”.

On a different topic, as a fan of scouring for “pre-loved” items – or second-hand shopping as we used to call it – new UK Government guidance from the Intellectual Property Office (IPO) caught my eye this week. The guidance is designed to help people avoid “fake fashion”.

The IPO released worrying figures that show one in four second-hand clothing buyers had purchased a counterfeit item online in the last year without knowing it. Nearly 60 per cent experienced negative outcomes buying fakes and 14 per cent were put off second-hand shopping altogether Developed with support from online shopping portal Vinted, the guidance forms part of wider collaboration between government, internet marketplaces and enforcement partners to tackle counterfeit sellers through a Second-hand, Not Second Best awareness campaign.

Tips include examining the seller’s profile, checking out feedback from previous buyers, and trusting your pricing instincts – genuine designer pieces very rarely sell at suspiciously low prices. More on the campaign here