Tag: Royal Bank of Scotland

Royal Bank of Scotland Report on Jobs

Permanent staff hires fall for first time in 20 months

  • Permanent placements fall for the first time since December 2020
  • Temp billings growth softens to seven-month low
  • Sustained pressure on pay amid candidate shortages 

August data revealed a renewed fall in permanent staff hires across Scotland, according to the latest Royal Bank of Scotland Report on Jobs survey.

The seasonally adjusted Permanent Placements Index fell below the 50.0 no-change mark, to signal a modest drop in permanent staff appointments that ended a 19-month period of expansion. Growth in temp billings meanwhile moderated to a seven-month low in August. According to panellists, skills and candidate shortages weighed on hiring activity.

However, some recruiters also noted that an economic slowdown and rising market uncertainty added to the loss of momentum across the Scottish labour market. At the same time, demand for staff continued to rise, which drove further increases in both starting salaries and hourly wages. 

Permanent placements fall for first time since December 2020

Scottish recruiters reported a fall in permanent staff appointments during August, thereby ending a 19-month period of expansion. Anecdotal evidence suggested that the contraction stemmed from a slowdown in market conditions and candidate shortages.

Though only modest, the reduction in Scotland contrasted with the trend seen across the UK as a whole, which saw a slightly quicker increase in permanent placements in August.

Temporary staff billings across Scotland increased for the twenty-fourth successive month during August. Though solid, the rate of expansion eased to the slowest since January and was below its long-run average. The uptick in temp billings was in part attributed to increased activity at clients. Where a reduction was reported, panellists cited, lingering COVID-19 impacts and rising economic uncertainty.

Moreover, the rate of increase in Scotland was weaker than that seen across the UK as a whole.

Decline in permanent candidate availability weakest since March

August data highlighted a further reduction in the supply of permanent candidates across Scotland. The respective seasonally adjusted index has now posted below the neutral 50.0 threshold for the nineteenth month running. Acute skill and candidate shortages were linked to the latest decline.

However, though the extent to which permanent staff availability contracted was the slowest in five months, it remained sharper than the UK-wide trend.

The availability of candidates to fill temporary roles in Scotland continued to decline during August, stretching the current run of contraction that began in March 2021. However, the rate of deterioration eased for the third month running and was the slowest since March.

Compared to the UK-wide average, Scotland registered a faster fall in temp candidate availability for the fifth successive month.

Starting salary inflation remains elevated in August

Recruitment agencies across Scotland reported a twenty-first consecutive monthly rise in salaries awarded to new permanent joiners during August. The rate of starting salary inflation quickened fractionally from July and was sharp, albeit the second-softest in 13 months. According to Scottish recruiters, labour shortages drove up salaries.

However, Scotland continued to record a softer rate of increase in starting salaries than that seen at the UK level.

August data revealed yet another sharp increase in average hourly pay for short-term staff across Scotland. The latest uptick extended the current run of expansion to 21 months. Moreover, the rate of growth picked up from July and was the second-fastest since December 2021. According to anecdotal evidence, firms continued to raise wages to attract workers amid labour and skill shortages.

Temp pay also increased at a quickened rate at the UK level during August, albeit one that remained weaker than that seen in Scotland.

Softest increase in demand for permanent staff for 17 months

Adjusted for seasonal variation, the Permanent Vacancies Index posted above the neutral 50.0 level to signal a nineteenth successive monthly increase in demand for permanent workers across Scotland during August. Though sharp and well above the series average, the rate of growth was the weakest since March 2021.

Of the eight monitored sectors, Nursing/Medical/Care saw the strongest upturn in permanent staff vacancies, followed by IT & Computing.

Demand for temporary staff in Scotland rose for the twenty-third month in a row during August. The respective index indicated a strong increase demand overall that was unchanged from July. Notably, the rate of expansion continued to outpace that seen across the UK as a whole.

Engineering & Construction recorded the fastest rise in temp vacancies across the monitored sectors, followed by IT & Computing.

Sebastian Burnside, Chief Economist at Royal Bank of Scotland, commented: “Since April, growth in permanent placements had softened, and now the latest data finally recorded the first fall in permanent staff hires in 20 months during August.

“A loss of momentum was also observed for temp billings, which rose at the softest pace since January. The weaker trends were accompanied by reports that rising economic uncertainty had limited recruitment activity.

“Moreover, labour supply and demand imbalances persisted. Acute skill and labour shortages weighed on the availability of candidates, while demand for labour continued to rise, albeit not as quickly as earlier in the year.

“With firms competing for labour, this resulted in further steep increases in starting salaries and temp wages during August.”

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Edinburgh is most expensive city for students

  • Edinburgh is the only UK city where student spend outweighs their income
  • Cardiff tops the Royal Bank Student Living Index as most affordable
  • Canterbury University most likely to be picked for subject choice, followed by Glasgow University
  • Glasgow University students report the highest levels of stress
  • Average student incomes have increased by 65% compared to 2021
  • Outgoing costs for students are 29% higher than last year

Edinburgh is now the most expensive place in the UK for students to live as revealed in the Royal Bank of Scotland Student Living Index. The index takes account of student spending and income to calculate a score for university towns and cities across the UK.

This year has shown that household bills have more than doubled for students with an average cost of £56.45 per month, with supermarket spending accounting for the single biggest monthly outlay at £76.29 each month.

Edinburgh has the highest cost of student living. Students in the Scottish capital have a monthly term-time income of £934, the lowest of all the cities ranked, whilst their total monthly spending is at £949. Edinburgh students are the least likely to combine studying and working during the academic term.

In contrast, Cardiff tops the list of UK cities for the best value for money. Below average rent prices combined with higher-than-average term-time incomes contributed to Cardiff being named the most affordable student city.  

Term time income for Cardiff students averages at £2241.65 and is the fifth highest of all the cities surveyed. They spend an average of £1,041 in total – the fourth lowest of all the cities in the Student Living Index.

The Royal Bank Student Living Index surveyed 2,964 students across the UK to determine the most affordable place to study. The survey accounts for factors such as how much students spend on going out to income through part-time work.

Oxford is now the most expensive place for a pint, with students expecting to pay £5.50 per drink, closely followed by London with an expected cost of £4.90. In comparison to Durham where students can expect to pay just £3.20 and Coventry at £3.40.

Students studying in London and Manchester were the most likely to rely on parents or family for income. London students received £295.10 more from this source than the UK average of £334.40 and those in Manchester £193.10. Compared to 2021, Oxbridge students are relying less on parents and family to pay rent and more so on bursaries and scholarships in 2022.

When it came to budgeting, over a third (35%) of students have found themselves running out of money by the end of term – 8% higher than in 2021. Just under one in five students said that they find managing their money stressful, and this the most pronounced in Coventry. Students in Cambridge are the most likely to put away month each month, 82% higher than the UK average.   

Perhaps in response to Covid-19 restrictions ending, compared to 2021 students are spending an average of 63% more on going out than the previous year.

A quarter of students felt that their universities do nothing to help with the ongoing cost of living crisis. Durham had the highest number of students who felt they had no support from their university at 56%.

Addressing the cost of living challenges, almost nine in ten (88%) students have made lifestyle changes to live within their budgets, with reducing the number of items bought online the most widely adopted change.

Changes to how students shop in the supermarket have also been a factor, with 46% saying they’ve swapped to own-brands. Meanwhile, 43% said they were buying fewer takeaways. 

Laura Behan, Head of Royal Bank Student Accounts said: “Despite the cost of living increasing dramatically, we’ve not seen that hit students quite as hard as may have been expected this year. Rents were set well in advance of the academic year and inflation increased much later into the academic year.

“However, with the cost of living increasing, especially as we look towards the start of the new university year in September, it is vital that students properly manage their finances. We offer a range of tools to help, including spend categorisation in our mobile app so students can see exactly where their money is going every month and a Round Ups tool to help develop a strong savings habit.”

The Royal Bank of Scotland student account offers a £80 cash incentive within the first 30 days of opening the account, a four-year tastecard membership and a £2000 interest free overdraft.

Royal Bank also offers free Financial Health checks to help students to organise their finances.

Find out more at www.rbs.co.uk/students  

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Royal Bank of Scotland seeks donations for Ukraine support at national welcome centre

  • Royal Bank of Scotland partners with The City of Edinburgh Council, Volunteer Edinburgh and other city partners to create a donation distribution hub supporting Ukrainian people arriving at Edinburgh HQ 
  • Thousands of people displaced by the war in Ukraine have arrived in Scotland and been supported at Gogarburn site so far. With visa holders yet to arrive[i], many more are expected to be supported. 
  • Donations urgently needed to continue providing essential items such as toothbrushes and waterproof clothing 

    Royal Bank of Scotland has set up a dedicated donation distribution hub for Ukrainian refugees arriving in the capital. 

The hub runs alongside the Welcome Centre for Scotland, which was created through a partnership between the City of Edinburgh Council and local partners, and hosted within Royal Bank’s Gogarburn headquarters.

Using funding issued by the Scottish Government to local authorities to support welcome efforts, the Welcome Centre opened its doors earlier this year to support those resettling in the country and has been the first port of call for thousands of displaced Ukrainian citizens. 

Staff from the City of Edinburgh Council are on hand to process entrance paperwork upon arrival, facilitate introductions with host families or find temporary accommodation for the many people who arrive without a place to stay.  

To allow families and individuals to settle into their new home quickly and begin to adjust to life in Scotland, paperwork is completed within the centre on the same day – meaning people can make necessary medical or legal appointments as soon as possible. Relevant literature is provided as part of a Scottish Government-produced welcome pack. 

Everyone arriving at the Welcome Centre is also offered an essentials pack made up of donations to help them settle in for the first few days. The packs contain day to day necessities such as toiletries, clothing, UK electrical adapters and toys for young children. 

With the number of displaced people to the centre increasing daily and supplies of essentials packs depleted, the donations hub is today issuing an urgent call, asking businesses and members of the public who are looking for a way to support the Ukrainian crisis to donate towards the cost of these essential items. 

The cost of each complete pack is around £30 and any donation will make a valuable difference, especially to those arriving with no belongings.  

Donations can be made to the GoFundMe[ii] set up by Volunteer Edinburgh, who meet the Ukrainian people arriving at the airport and bring them to the Welcome Centre, and also help to purchase the welcome pack items in bulk.  

An Amazon Wishlist[iii] has been set up to facilitate donations, where anyone wanting to support these efforts can buy individual items such as toothpaste, sanitary products, rain coats and hand sanitiser. These items are delivered directly to the hub and packed by volunteer staff.  

Businesses who would like to help can donate directly through the GoFundMe, via the Amazon wishlist or can send donations directly to the Royal Bank’s Gogarburn offices marked for the attention of Skillbank.  

Sheena Hales BEM, who leads the Skillbank at Royal Bank of Scotland said: “At the beginning of the pandemic, we recognised an opportunity to make use of our facilities and converted the conference centre at Gogarburn into a foodbank distribution hub, coordinating deliveries and offering storage space to charities including Social Bite and Cyrenians.  

“This charitable legacy has continued ever since, and we’re honoured to have set up the Skillbank to offer our skills and resources to help communities and people in their time of need. 

“While Edinburgh has welcomed many Ukrainian people to Scotland through the doors of the Welcome Centre, the reality is that we know there are many more coming who have fled the horrors of war, leaving their lives and loved ones to seek safety here in Scotland.

“While handing out items like a toothbrush or colouring book might seem like a small act, everything we can do to help people feel as welcome as possible is hugely important.  

“Currently we have used all of our existing essentials pack stock so any donation – big or small – is massively appreciated.” 

Minister with special responsibility for Refugees from Ukraine Neil Gray said: “The safety and welfare of displaced people from Ukraine, who are primarily women and children who may have experienced much stress and trauma, is of paramount importance to the Scottish Government.

“I want to thank people and businesses across Scotland for the huge groundswell of solidarity and support they have shown for the people of Ukraine. 

“On arrival, displaced people are given a ‘Warm Scots Welcome’ at the Welcome Hubs, where the Scottish Government is working in partnership with local government and the third sector to assess their needs and provide accommodation and meals along with emotional support and medical attention if required.

“The work undertaken by RBS and the other volunteer organisations in addition to this is extremely important, providing people with items to help them settle into Scotland.”  

City of Edinburgh Council Leader, Cammy Day said: “As I’ve said many times already, Edinburgh’s people and businesses have been absolutely outstanding throughout this crisis, offering their unwavering support to Ukrainian people fleeing their homeland in these most desperate of times. From volunteers meeting people on their arrival in Edinburgh, to getting help with accommodation and receiving ongoing support at our advice centre and within the local Ukrainian community, we’re here for them every step of the way. 

“I want to thank Royal Bank and their teams for their incredible support – for volunteering Gogarburn House to host our Welcome Hub, where it has run successfully since April, for repurposing their conference facilities to distribute food packages, for their co-ordination of thousands of guest backpacks, filled with nappies, toys, toiletries and other essential items, and for this latest fundraising drive to help gather much-needed donations.”  

Situated in Gogarburn, the Welcome Centre is ideally located to welcome those arriving into nearby Edinburgh airport.  

To support volunteers working within the centre, colleagues within Royal Bank have given up their time to become Executive Coaches – helping them to navigate the demands of their role and offering expert mentoring advice.  

Royal Bank has also worked with suppliers to extend its colleague-wide counselling service to offer staff and volunteers working with vulnerable individuals a confidential outlet and mental wellbeing support.   

“Money Mule Man” takes to the streets of Edinbugh

Comedian Paul Black has been out and about in Edinburgh as the “money mule man” to raise awareness of the fraudulent activity.

Money muleing is on the up since the pandemic and sees criminals recruit individuals – predominantly young people – to channel illicit funds via their bank accounts to create a fake paper trail.

Download the video to find out here: https://we.tl/t-iO0oehdLJB

Members of the public who stuck to their guns and said no were rewarded with £100, while those who fell for temptation and took the quick cash fix went home empty handed.

The consequences of acting as a money mule are severe, with those involved facing a prison sentence of up to 14 years and banned from having a bank account.

From Bad to Worse: Universal Credit families face another income cut

UP TO £660 PER YEAR COULD BE SLASHED FROM HOUSEHOLD INCOME

In a letter to the chancellor last week, the Bank of England stated that it expected inflation to be “around 8 per cent” this spring. With Universal Credit set to rise by just 3.1 per cent in April, families with children on universal credit now face a real-terms cut of around £660 per year, on average.

This is an increase on Child Poverty Action Group’s original analysis which showed a cut of £570, when inflation was expected to be 7.25 per cent.

The £20 cut to universal credit last October plunged out-of-work benefits to their lowest level in 30 years. Latest analysis shows that the picture for families is going from bad to worse.

Without government action, families will be pulled deeper into poverty. Increasing benefits by anything less than 8 per cent risks pushing those with already stretched budgets past breaking point.

Anti-poverty charities wrote to the Chancellor last week calling for a minimum 7% benefits rise:

Prices are rising at the fastest rate in 30 years, and energy bills alone are going to rise by 54% in April. We are all feeling the pinch but the soaring costs of essentials will hurt low-income families, whose budgets are already at breaking point, most.

There has long been a profound mismatch between what those with a low income have, and what they need to get by. Policies such as the benefit cap, the benefit freeze and deductions have left many struggling.

And although benefits will increase by 3.1% in April, inflation is projected to be 7.25% by then. This means a real-terms income cut just six months after the £20 per week cut to universal credit. 

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Child Poverty Action Group’s analysis shows families’ universal credit will fall in value by £570 per year, on average. The Joseph Rowntree Foundation has calculated that 400,000 people could be pulled into poverty by this real-terms cut to benefits.

The government must respond to the scale of the challenge. Prices are rising across the board. Families with children in poverty will face £35 per month in extra energy costs through spring and summer, even after the government’s council tax rebate scheme is factored in. These families also face £26 per month in additional food costs. The pressure isn’t going to ease: energy costs will rise again in October. 

A second cut to benefits in six months is unthinkable. The government should increase benefits by at least 7% in April to match inflation, and ensure support for housing costs increases in line with rents. All those struggling, including families affected by the benefit cap, must feel the impact.

Much more is needed for levels of support to reflect what people need to get by, but we urge the government to use the spring statement on 23 March to stop this large gap widening even further. The people we support and represent are struggling, and budgets can’t stretch anymore.

Alison Garnham, Chief Executive, Child Poverty Action Group

Emma Revie, Chief Executive, The Trussell Trust

Graeme Cooke, Director of Evidence and Policy, Joseph Rowntree Foundation

Morgan Wild, Head of Policy, Citizens Advice

Dan Paskins, Director of UK Impact, Save the Children UK

Imran Hussain, Director of Policy and Campaigns, Action for Children

Thomas Lawson, Chief Executive, Turn2us

Sophie Corlett, Director of External Relations, Mind

Dr Dhananjayan Sriskandarajah, Chief Executive, Oxfam GB

Caroline Abrahams, Charity Director, Age UK

Eve Byrne, Director of Advocacy, Macmillan Cancer Support

Kamran Mallick, CEO, Disability Rights UK

Katherine Hill, Strategic Project Manager, 4in10 London’s Child Poverty Network

Mubin Haq, Chief Executive Officer, abrdn Financial Fairness Trust 

Bob Stronge, Chief Executive, Advice NI 

Dr Ruth Allen, Chief Executive, British Association of Social Workers

Joseph Howes, Chief Executive Officer, Buttle UK

Helen Walker, Chief Executive, Carers UK 

Balbir Chatrik, Director of Policy and Communications, Centrepoint

Gavin Smart, Chief Executive, Chartered Institute of Housing 

Leigh Elliott, CEO, Children North East

Niall Cooper, Director, Church Action on Poverty

Lynsey Sweeney, Managing Director, Communities that Work

Anna Feuchtwang, Chair, End Child Poverty Coalition

Claire Donovan, Head of Policy, Research and Campaigns, End Furniture Poverty

Victoria Benson, CEO, Gingerbread 

Neil Parkinson, co-head of casework, Glass Door Homeless Charity

Graham Whitham, Chief Executive, Greater Manchester Poverty Action

Yasmine Ahmed, UK Director, Human Rights Watch 

Sabine Goodwin, Coordinator, Independent Food Aid Network 

Jess McQuail, Director, Just Fair 

Gemma Hope, Director of Policy, Leonard Cheshire

Paul Streets, Chief Executive, Lloyds Bank Foundation for England & Wales

Jackie O’Sullivan, Director of Communication, Advocacy and Activism, Mencap

Mark Rowland, Chief Executive, Mental Health Foundation

Chris James, Director of External Affairs, Motor Neurone Disease Association

Nick Moberly, CEO, MS Society

Anna Feuchtwang, Chief Executive, National Children’s Bureau

Charlotte Augst, Chief Executive, National Voices

Jane Streather, Chair, North East Child Poverty Commission

Tracy Harrison, Chief Executive, Northern Housing Consortium

Karen Sweeney, Director of the Women’s Support Network, on behalf of the Women’s Regional Consortium, Northern Ireland 

Satwat Rehman, CEO, One Parent Families Scotland

Mark Winstanley, Chief Executive, Rethink Mental Illness

James Taylor, Executive Director of Strategy, Impact and Social Change, Scope

Irene Audain MBE, Chief Executive Scottish, Out of School Care Network

Steve Douglas CBE, CEO, St Mungo’s 

Richard Lane, Director of External Affairs, StepChange Debt Charity

Robert Palmer, Executive Director, Tax Justice 

Claire Burns, Director, The Centre for Excellence for Children’s Care and Protection (CELCIS)

The Disability Benefits Consortium 

Dr. Nick Owen MBE, CEO, The Mighty Creatives

Peter Kelly, Director, The Poverty Alliance

Elaine Downie, Co-ordinator, The Poverty Truth Community

Tim Morfin, Founder and Chief Executive, Transforming Lives for Good (TLG)

UCL Institute of Health Equity 

Dr Mary-Ann Stephenson, Director, Women’s Budget Group 

Natasha Finlayson OBE, Chief Executive, Working Chance

Claire Reindorp, CEO, Young Women’s Trust 

Businesses in Scotland are also calling for the Chancellor to announce new measures to help with rising costs ahead of his Spring Statement tomorrow, according to a recent survey from Bank of Scotland.  

As inflation hits the highest levels seen since 1992, over half (55%) of Scottish businesses said that direct help with energy bills and rising costs tops their wish list for the Chancellor. This was followed closely by calls for a reduction in VAT, cited by two-fifths (40%), while almost a quarter of firms (23%) want increased funding to help create new jobs and develop skills. 

Rising prices remain a key challenge for business. Almost half (46%) of respondents said they are concerned about having to increase the costs of goods and services and over one in ten (14%) stated that inflation is reducing profitability. Almost one in ten (9%) said rising prices had caused them to worry about having to make staff redundant and a further one in ten (9%) were concerned about not being able to pay their bills. 

To help specifically with rising prices Scottish businesses are asking the Chancellor for a VAT reduction (46%), while a third (35%) have called for grants to cover rising energy costs. A further quarter (23%) called for grants to support investment in energy saving measures. 

The data comes as businesses face continuing supply chain challenges, which are reducing the availability of stock (40%), causing hikes in freight costs (39%) and disruption through Rules of Origin and VAT requirements from EU suppliers (33%).

Fraser Sime, regional director for Scotland at Bank of Scotland Commercial Banking, said: “Rising prices are causing multiple challenges for businesses across Scotland and the pressure from inflation shows no sign of abating in the near-term.  

“As we wait for the Chancellor’s Spring Statement, we’ll continue to remain by the side of business in Scotland and support the country’s ongoing economic recovery from the pandemic.” 

Responding to the ONS public sector finances statistics for February  Chancellor of the Exchequer, Rishi Sunak said: “The ongoing uncertainty caused by global shocks means it’s more important than ever to take a responsible approach to the public finances.  

 “With inflation and interest rates still on the rise, it’s crucial that we don’t allow debt to spiral and burden future generations with further debt.”

 “Look at our record, we have supported people – and our fiscal rules mean we have helped households while also investing in the economy for the longer term.”

All will be revealed when the Chancellor delivers his Spring Statement (Budget) at Westminster tomorrow.

Royal Bank reveals the true cost of splurging on fun after examining Scots spending priorities in 2022

  • Research from Royal Bank of Scotland reveals Scots spending priorities in 2022
  • Young people battling desire to splurge post-pandemic with need to budget for the future
  • Soaring energy costs identified as key concern

As the country begins to look at life beyond the pandemic, new research from Royal Bank of Scotland reveals that nearly half (42%) of young people surveyed in Scotland view spending money on fun as more of a priority post-lockdown.

Despite the renewed sense of freedom and recent relaxation of restrictions, young people are struggling with an internal conflict between the desire to enjoy life and pressures to save, with as many as 85% of 18 to 34-year-olds feeling guilty when splashing their hard-earned cash on themselves.

This is further compounded by social situations, where nearly two-thirds (63%) of 18 to 34 year-olds admit to feeling pressured by their friends to spend money – even when they feel they don’t have enough cash to spare.

Contributing to this feeling of guilt, just over half (51%) of those interviewed confessed that they don’t have a monthly budget set aside for having fun, with nearly eight in ten (79%) admitting that they will need to rethink their spending this year in the wake of energy price rises.

Respondents cited the pandemic – and prolonged periods of lockdown – as key motivators for their changing spending patterns. Almost two-thirds (63%) agree they’re happy to splurge if it means the chance to make memories with friends and loved ones, whilst a third (33%) are keen to make up for the experiences they lost during lockdown.

The findings suggest that the desire to spend more money in 2022, combined with a lack of budgeting confidence and the rising cost of living is mixing together to create a financial storm.

Addressing some of the key concerns raised in the survey, Royal Bank of Scotland is launching a new campaign to help young people balance their longing to make up for moments and memories lost to the pandemic, with the need to set realistic and achievable budgeting goals.

Backing the campaign to support young people, social wellbeing analyst and award-winning businesswoman Charlotte Armitage said: “Dealing with anxiety related to your personal finances is one of the most pressing challenges coming out of the pandemic.

“Financial goal setting can be an effective strategy against the struggle.  Momentum is critical and if you have a long-term savings goal, you need to break it down into manageable milestones, give yourself some easy wins and reinforce positive actions.

“After the past few years, it’s certainly okay to have fun and spend your hard earned money on yourself. Taking stock of your finances and getting a clear picture of your spending and saving will allow you to spot those areas where you can make small changes without sacrificing fun, allowing you to create memories and be confident about your financial future.”

Royal Bank is committed to improving the nation’s financial capabilities and will continue to offer every person in Scotland a free, judgement free Financial Health Check. The importance of such services is demonstrated in the research, with over one-fifth (22%) of respondents aged 18-34 citing a lack of knowledge as a reason why they don’t have a financial plan whilst almost one in five (19%) feel they are unable to afford a financial advisor.

Royal Bank is also encouraging customers to make use of new features available through its award-winning app such as the new ‘spending’ and ‘savings’ tabs, which allows customers to easily understand where their money is going and how they’re tracking against their goals.

Commenting on the findings, Malcolm Buchanan, Chair, Scotland Board, Royal Bank of Scotland, said: “It’s vitally important that we continue to listen to young people and understand the everyday challenges they face when it comes to managing their money.

“Whilst everybody’s financial situation is unique, it is through research and dialogue like this that we can design effective solutions and provide the tools to help make dealing with money easier for our customers.

“Royal Bank is committed to providing everyone with the support and skills they need to make responsible financial decisions, which in turn, will help them have fun and make memories.”

Royal Bank continues to make financial management easier and more accessible by providing the following:

·        Financial Health Check – A free 20-minute conversation with a banking advisor who provides guidance to make banking simpler, as well as tips for everyday spending and achieving future goals. This could include setting savings targets, advice on tracking monthly spending and creating budgets. Customers can choose to chat in a branch or over the phone. personal.rbs.co.uk/personal/financial-health-check.html

·        Royal Bank of Scotland app – Customers using Royal Bank of Scotland’s award-winning app are able to easily see where their money is going with the new ‘spending’ tab which will show them how much they’re spending by category each month, helping them stay in control of their money.

·        MoneySense – MoneySense provides parents and teachers with the tools to give young people the confidence to use money responsibly on their own. The programme is the longest-running bank-led financial education programme for young people in the UK. MoneySense is fully digital and downloadable, and can be delivered by teachers in schools.

Edinburgh folk challenged to say no to the “money mule man” – and win £100

Scottish comedian Paul Black is working with Royal Bank of Scotland as part of a new campaign aiming to raise awareness of the rising prevalence of money muling – an activity where targets are recruited to channel illicit funds through their personal bank accounts.

On Tuesday, 1st March, Paul will be taking to the streets of Edinburgh as the “money mule man” and approaching people to look after money. If they simply say no, they will be rewarded with a £100 cash prize, while those who say yes will go home empty handed.

The new campaign from Royal Bank of Scotland aims to raise awareness of money muling and support people in being vigilant about the ways criminals might try and exploit them by making use of their bank account.

The number of money mules has increased dramatically since the start of the pandemic and over 17,000 suspected cases involving 21- to 30-year-olds were recorded in 2020 according to Cifas, the UK’s leading fraud prevention body.

Rising social media usage during lockdown is thought to be linked to the spike, with criminals using apps such as Snapchat and Instagram to recruit targets.

Money muling often involves criminals recruiting young people to use their bank accounts to move cash which has been illegally stolen or transferred from another account.

Despite the upsurge in money muling, many young people are unaware of the consequences of allowing criminals access to their accounts – with those caught facing up to a fourteen-year prison sentence and a lifetime ban from holding a bank account. 

Cifas research has found that the number of 14–18-year-olds charged with money muling offenses to have risen by 73% since 2020.

Commenting on the campaign, Paul Black said: “To be honest, I’d never heard of money muling until recently, but I think that’s the key issue – people are letting criminals channel money through their bank accounts with no idea that what they’re doing is actually against the law.

“Hopefully, this new campaign will encourage people to think twice if they’re approached by a random and offered cash to let money sit in their bank for a few days. If it seems too good to be true, it probably is.

“On Tuesday, I’ll be out and about in Edinburgh to see if members of the public are clued up on money muling and find out who’s smart enough to win 100 quid!”

A Royal Bank of Scotland spokesperson, said: “The message is simple: if approached to be a money mule, always say no.

“The consequences of becoming involved in this type of crime are severe, your bank account will be closed down and you could end up in prison.”

Flora pupils play Climate Savers Top Trumps inspired by COP26

26 children’s designs feature on an exclusive deck of Climate Savers Top Trumps following a UK-wide competition ran by Royal Bank of Scotland.  

  • Over 2,000 pupils and teachers from primary schools across the UK entered the competition through its NatWest, Royal Bank of Scotland and Ulster Bank brands.
  • The Climate Savers Top Trumps were on display to delegates and world leaders throughout COP26 in Glasgow.
  • COP Principal Partner NatWest also awarded nearly £30,000 to three schools to fund new green projects.

Pupils at an Edinburgh primary school got their first glimpse of the COP26-inspired climate savers Top Trumps which they helped design.

The Royal Bank of Scotland tasked Scottish primary school pupils with designing an exclusive set of the iconic playing cards promoting sustainable behaviours.

Across the UK through its NatWest, Royal Bank of Scotland and Ulster Bank brands, the competition received over 2,000 entries. The 26 winning designs, showing the everyday actions young people can take to combat climate change, were featured in an exclusive Top Trumps deck for COP26.

The Climate Savers Top Trumps were on display to delegates and world leaders throughout COP26 in Glasgow between 31 October and 12 November, for which the bank was a principal partner.

One of the winners was Flora Stevenson Primary School pupil Honor, age 11, for her card design which suggested recycling old clothes. Honor was joined by the rest of her classmates at the Edinburgh primary school to play the iconic children’s game.

COP26 President Alok Sharma said: “The interest and engagement that NatWest’s climate competition for schools has generated shows how important this issue is to schoolchildren across the country.

“It has been a fun programme which has allowed everyone – pupils and teachers – to get involved and it will be exciting to see them bringing their ideas to life.

“Everyone can play their part by going one step greener and MoneySense Climate Savers Top Trumps is a great way to also make it a fun and creative process.”

Over 2000 entries to the competition were received in less than a month. The bank’s Chief Financial Officer Katie Murray was one of the competition’s judges, alongside TV presenter Ade Adepitan.

NatWest Group Chief Financial Officer Katie Murray, said: “COP26 is a once in a lifetime event and a great opportunity to get children to join the discussion on climate.

“This competition shows just how much young people want to get involved and make a difference – and what innovative ideas they have for doing that.

“We received an overwhelming number of entries and the quality of ideas and solutions impressed all the judges. It was hard to decide who should win. It was also brilliant to see the geographical diversity of the entries. 

“Importantly, the competition has shown that, with the right mindset, the journey to a greener future can be fun and inspiring and I’d like to thank all those who took part.”

The competition also gave teachers the chance to win up to £15,000 to fund new green projects for their school. Bolton’s Thomasson Memorial School saw off competition from over 2,000 entrants to take home the top prize of £15,000 in the teachers’ competition.

Our Lady of the Missions Primary School in Glasgow and Brookfield Primary School in London have also been awarded £7,000 and £4,000 respectively.

Charlotte Siggers, the winning teacher at Thomasson Memorial School – a school for deaf children aged four to 16 – received widespread praise for her project, which will see the creation of an area within the school’s grounds where pupils will be given the opportunity to grow their own produce and be responsible for the upkeep of the land.

The campaign builds on the bank’s MoneySense programme, which, for more than two decades, has been teaching financial skills to young people. It follows the 2020 launch of the bank’s Island Saver game – a video game built for games consoles and mobiles themed around cleaning up a magical island, collecting litter and building money skills. The bank is principal partner of the climate summit.

To see the full list of winners visit www.mymoneysense.com

Safe as houses: Which? annual mortgage survey reveals best and worst mortgage lenders

First Direct and Nationwide have come out on top in Which?’s annual mortgage lender survey, with both named Which? Recommended Providers (WRPs) for offering a combination of excellent customer service and consistently competitive rates. 

With speculation that interest rate rises could be on the way, it is more important than ever that prospective homeowners and remortgagers do their research and find the right deal and provider. 

The consumer champion surveyed more than 3,500 homeowners and analysed thousands of mortgage deals to find which providers offered impressive customer service and the best rates. 

Lenders were scored on multiple aspects of customer service, including: keeping customers informed, clarity of mortgage statements, transparency of charges or penalties, dealing with queries and complaints, flexibility of payments, online access and value for money. 

First Direct came out on top, receiving an impressive customer score of 81 per cent. Its customers gave it five stars across the board, and the lender consistently offered some of the cheapest deals on the market. 

Nationwide earned an overall customer score of 77 per cent and was also named a WRP for the eighth year in a row. The building society achieved five-star ratings for value for money and clarity of its mortgage statements.

Coventry Building Society received the joint-top score of 81 per cent, achieving five stars for customer service, clarity of mortgage statements and keeping you well informed, among others. However, it missed out on becoming a WRP because it did not offer enough market-leading deals. 

Royal Bank of Scotland received the lowest score in this year’s survey, with an overall customer score of 64 per cent. RBS received three stars for its general customer service, flexibility of payments and online access, among other criteria. 

While nearly nine in 10 (87%) respondents told the consumer champion that they were satisfied with their mortgage provider, a quarter (24%) said they had had a problem with their lender. The most commonly cited issues included poor customer service, a lack of flexibility on payments and poor interest rates. 

When asked why they chose a lender, around one in five (21%) respondents said the size of monthly repayments was important, while the same number said the overall cost of the deal was key. One in six (16%) respondents said an existing relationship with the lender (for example, having a bank account with the provider) was a key factor. 

Seven in 10 (72%) of survey respondents had a capital remortgage payment plan. However one fifth (20%) had interest-only mortgages. While the majority of respondents with interest-only mortgages had a plan for repayment at the end of the term, worryingly 9 per cent said they did not know how they would repay their loan – meaning they could be forced to sell their home at the end of the term to repay the balance.

Gareth Shaw, Head of Which? Money, said: “Buying a house is the most expensive purchase most of us will make in our lifetime, so finding a mortgage deal that’s right for you is essential – especially when the outlook for interest rates in the year ahead is uncertain. 

“Recently, we’ve seen reputable lenders offering record-breaking low rates, meaning it’s possible to find a deal that combines value for money with great customer service. As ever, doing a bit of research and talking to a whole-of-market broker before committing is likely to pay off.”

Social Bite launches Jobs First initiative with UK’s largest employers

New UK-wide programme launched to help people experiencing homelessness into employment

Social Bite has launched a pioneering initiative to help revolutionise the access people who have experienced homelessness have to job opportunities across the UK.

Through its new Jobs First programme, Social Bite will work directly with some of the UK’s biggest employers to help breakdown the barriers people who have been homeless face on their route to employment

To date, businesses including BaxterStorey, Mitchells & Butlers, Andron FM, have signed up with a plan to help create a target of 60 employment opportunities for people experiencing homelessness. The program is being part funded through a grant from the Oak Foundation.

The initiative, which guarantees living wage employment for each person, will provide wrap around support for both the employer and employee.

Each Jobs First employee will be allocated a support worker from Social Bite who will assist them throughout the programme and their employment contract, meeting weekly to offer practical support on bills and forms, as well as emotional guidance and confidence building to adapt to working life.

Social Bite will provide training to each employer to help them appropriately guide the employee while the support worker will help facilitate appraisal processes and employee progress.

As measures put in place in response to COVID-19 are wound down, it is feared that more people will experience homelessness with latest statistics released by the Ministry of Housing, Communities and Local Government (MHCLG) showing that many of these measures helped to reduce and prevent homelessness.

Data in London shows that between April and June this year, the number of people sleeping on the streets increased by 25 per cent, making Social Bite’s Jobs First initiative even more timely. Firms across the UK are also sounding the alarm over staff shortages, with Britain’s worst labour shortage in decades putting economic recovery from lockdown at risk.

George Watson kickstarted the programme today, taking on his role with hospitality provider BaxterStorey who supply Royal Bank’s Gogarburn headquarters in Edinburgh where Social Bite recently opened a café.

Josh Littlejohn MBE, CEO and Co-Founder of Social Bite, said: “Social Bite started life nine years ago by offering jobs in a small café to people who had experienced homelessness and over that time we have seen the power of employment to change lives.

“Too often, the response to people experiencing homelessness is to ‘get a job’ – however, it’s not that easy. Proactive employers stepping out of their comfort zone to provide chances for those who would otherwise be excluded and a wraparound support alongside the job are the solutions.

“That’s why the Jobs First programme is so important. We will match people who are excluded from the jobs market with some of the UK’s largest employers.

“The wrap around support we will provide will help both employers and employees enjoy a fruitful working partnership. At a time when the UK is facing a serious labour shortage, we are incredibly proud to be partnering with major employers to deliver a program of scale throughout the UK that can act as a blueprint for how we can provide employment opportunities for homeless and marginalised people.”

Over the past four years, Social Bite has supported 34 people into employment from a background of homelessness and in total, one quarter of its workforce has experienced homelessness.

Of the 34, many have moved into employment roles with other companies, some into higher education and in many cases, they have developed careers within Social Bite. These learnings have formed the basis for rolling out Jobs First across the UK.

Operations Manager, Caroline Bacigalupo at BaxterStorey, said: “Jobs First is a fantastic programme and we’re proud to be working with Social Bite to offer training and employment opportunities to people who were previously homeless.

“We’re all thrilled to welcome George on board and can’t wait to support other Jobs First employees reach their full potential as the programme develops.”

George Watson said: “Social Bite has been like my family for the past seven years. I am really excited to start my job role with BaxterStorey. I am grateful for the Jobs First programme and hope it will help many others into employment.”