Interesting Facts

Analysis of figures released by the Office for National Statistics shows that workers in the UK are £1,500 a year worse off than they were in 2010. (Statistics show that the average annual increase for the whole of the last decade was just 1.3 per cent, the lowest figure since records began in 1948, creating a toxic combination of poor pay rises or pay freezes and rising household bills. The main burden is on the young, as 16 and 17-year-olds have seen their pay slashed and are more likely to be paid less than the minimum wage. John Willcock, head of financial services at the Post Office, said: 'It is a concern that we are becoming “Pay Day Britain”, just counting down to the next pay cheque.')

According to the UK Payments Council, in the UK, cheques will be phased out by October 2018. (Personal cheque payments reached a peak of 2.4 billion in 1990.  They have fallen steadily since, and only 663 million were written in 2008. So, now they are looking for easy-to-use efficient alternatives that everyone understands.  Cash?)

The first cheque was written 350 years ago. (It was dated 16 February. It was made out for £400, signed by Nicholas Vanacker, made payable to a Mr Delboe, and drawn on Messrs Morris and Clayton - scriveners and bankers of the City of London. Kind of makes you think of Scrooge, doesn't it?)

According to Charles Schwab 69% of American parents would rather discuss sex with their children than give them investment advice. (In the same survey 70% of parents taught their children to do the laundry, but only 40% taught them how to balance a cheque (check) book. No wonder we're in the mess we're in! He does give some advice on how to broach this sticky subject on his Money Wise site.)