7 Simple ways you can make money now 

In today’s fast-paced world, finding easy ways to make some extra cash can be a game-changer. More people are looking for ways to make extra money, at the beginning of 2024 in the UK 1 in 4 adults had a side hustle, small business or a secondary job alongside their full-time careers. In the US more than a third of adults — and nearly half of millennials and Gen Z have a second stream of income in 2024.

Whether you need to pay off bills, save for a vacation, or just have some fun money, there are numerous avenues available that anyone can tap into. Here are 7 simple ways you can make money now! 

Consumer engagement and activity is on the rise when it comes to pensions even though only 13% have received financial advice on their pension in the last 12 months.

This is according to a report from Boring Money, ‘Pension Report 2024 – The Consumer Focus’, which showed that 75% of British adults who are not retired have at least one pension.

Additionally, 12% of UK adults have a private pension.

Despite over six in 10 finding pensions confusing, this has not stopped pension activity and engagement increasing.

In 2022, 5% had consolidated their pension, with this figure now rising to 8%. Over two thirds (67%) have checked a pension annual statement in 2024, compared to 59% in 2022.

Also, 60% have logged into an online pension account in 2024, compared to 52% in 2022, and 6% have opened a new private pension, up from 4% in 2022.

Boring Money said: “Consideration of financial advice remains strong and events such as the upcoming Budget are likely to further increase the need for advice.”

Almost a fifth of all non-retired UK adults aged 55 and above are considering talking to a financial adviser over the next 12 months.

The report also shows the value of advice when it comes to feeling prepared to retirement; 80% of advised non-retired pension holders aged 55+ agree with the statement, “I have a retirement plan and I’m confident about how I will fund my retirement”.

This compares to less than half of those who have not had any advice on their pension in the last five years.

Boring Money CEO Holly Mackay said: “Activity is up across the board over the last two years. People are looking at their pensions more, opening more accounts and also consolidating.

“It’s great to see increasing engagement form consumers as pensions join the mainstream, very slowly taking their place as a ‘normal person’s’ product not a ‘rich person’s’ product.

“A side effect of this engagement is a greater retention problem for workplace pension providers, as newer ‘shinier’ retail offerings are more superficially appealing for the pre-retired cohorts, for whom the consolidation message is starting to get through.

“Although consideration of advice is higher, the impact of the Consumer Duty and increased servicing costs will likely impact the availability of advice for the mass affluent.

“As awareness and engagement grows, so will the demand for help. This growth in awareness and need is an important factor for the ongoing Advice Guidance Review to consider.”

In order to obtain these results, Boring Money surveyed 4,000 nationally representative UK adults (Sept 2024), 6,500 nationally representative UK adults (Feb 2024) and 700 Boring Money Research Panel Members (Jul 2024).

PROPERTY hunters have been left shocked by the “smallest house in Britain” inside a tiny garage that’s hit the market for an astonishing price.

The listing in Clapton, London has attracted much attention on social media from people dumbfounded by the “expensive” home.

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The one-bed, one-storey house is sandwiched between two tall properties and some have commented that it resembles a “converted garage.”

The tiny home is currently listed for sale on Rightmove for an extraordinary sum.

Found at the end of a long driveway, inside the floor plan shows it has just a small shower room, a kitchen living area, one bedroom and a garden to the side.

The listing for the property reads: “A beautifully renovated one bedroom property in Clapton.

“The open plan living space and kitchen offers a modern contemporary finish throughout with all details considered when carrying out the refurbishment of the property.

“The spacious open plan kitchen and living area boasts an atmosphere of sociability and relaxation.

“The design is both functional and aesthetically pleasing, offering the perfect space for cooking, dining, and unwinding.”

The listing continues: “This area also provides a stunning view of a private outdoor space.

“The property also benefits from a brand new bathroom suite.

“The kitchen itself features fully integrated appliances that seamlessly blend into the modern design.

“New cabinets and worktops not only provide ample storage and preparation space but also contribute to the contemporary aesthetics of the space.

“The large double bedroom is flooded with an abundance of natural light and also provides direct access to the private garden.

“The outdoor space that’s both enchanting and easy to maintain offers privacy features that allows enjoyment of the outdoors and to take advantage of having private outdoor space.

“The property also benefits from private off street parking.”

A Reddit thread on the topic quickly emerged with many users shocked at the property’s £525,000 price tag.

One user said: “Half a million pounds for a converted garage.”

Another added: “I know it’s London but come on.”

Other people were quick to comment on how “insane” the listing was.

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One commenter said: “Wait, tell me you are kidding. Surely its not that little white ‘house’ shoved in between the two tall buildings. I’m going to have to look at this again, hang on.

“Back again. Yes, yes it is. Oh my word, how insane.”

Many agreed, adding that they thought it was part of the larger block of flats or that it was just a “converted garage” rather than a home.

The garden space at the rear of the property is in-fact larger than the entire combined floor area of the home.

This led many to conclude the property was just a “little shed” attached to the house.

Some others remained somewhat optimistic, however, about the prospects of the home.

One user commented: “You could do something really interesting with that space and building but it would probably cost another 250k.”

State pension hike in April revised after new wage data.

The updated state pension for individuals who reached retirement age after April 2016 may increase from £221.20 to £230.30 starting in April. Meanwhile, the previous basic state pension could see a rise from £169.50 to £176.45. Check out this and more of today’s consumer and personal finance updates below.

The government is anticipated to incur an additional £100 million expense for state pension increases next April, based on today’s wage data. Rising expectations for a UK interest rate cut in November have emerged following a slowdown in wage growth, which has reached its lowest level in over two years.

According to official statistics, pay increased by 4.9% from June to August, a decrease from the previous rate of 5.1%. These figures have fueled speculation that the Bank of England may lower interest rates to 4.75% during its meeting next month. While wages are still growing at a pace that outstrips inflation, which reflects the rate of price increases, analysts believe this won’t hinder the Bank’s plans for a rate cut. The Bank of England closely monitors wage growth, as rapid increases in pay can lead to higher costs for businesses, prompting them to raise prices to maintain their profit margins.

Thanks to the triple lock system, the state pension rises every April according to the highest of average earnings growth from the previous July, inflation from the previous September, or a minimum of 2.5%.

This year, wage growth is expected to be the highest. The Office for National Statistics (ONS) initially reported a 4% figure for July, but this has now been adjusted to 4.1%. A former pensions minister has indicated that this could lead to significant costs. Sir Steve Webb mentioned that the extra 0.1 percentage point could result in an additional £100 million added to the state pension expenses.

“While a slightly higher increase is beneficial for pensioners, it will create an unwelcome £100 million burden for the chancellor as she prepares her budget,” he noted. “The new state pension will be approaching £12,000 annually, very close to the £12,570 tax-free personal allowance.

New Pension

This situation may increase pressure on the chancellor to address tax allowances in the near future.” What will the new pension amount be? With the revised wage growth figure, the new state pension for those who reached state pension age after April 2016 could rise from £221.20 per week to £230.30. Meanwhile, the old basic state pension could see an increase from the current £169.50 per week to £176.45 next year.

Related: PensionBee vs Penfold

I read Kevin Carr’s latest opinion piece on his recent underwriting experience with interest and immediately messaged him for two reasons.

First, to remind him he remains significantly older than me but also to point out that, much as I agreed with the premise of his writing, I found it a bit heavy on problem and light on solution.

That said, I had to concede I couldn’t really think where the next leap in underwriting evolution was likely to come from either.

People Kev and my age saying “it’s probably AI” must sound like middle-aged people back in the 1990s suggesting “the internet” as the panacea to all life’s ills. Without context or insight, it’s meaningless rhetoric.

My roughly two decades in the life market have coincided with the digitisation of underwriting. When I was selling policies around the turn of the century, the paper application form was my only option.

Even the biggest and most controversial disruptors, such as UnderwriteMe, haven’t sought to change the game so much as make the game slightly easier to play

We carried bundles of these chunky documents around with us (at least one for each insurer we might recommend) and, while each had additional pages designed to capture information on any diagnosed conditions, immediate acceptance rates were low and GP reports common due to the limitations of the data capture available.

The magic of the internet allowed insurers to turn these paper monstrosities into digital processes, which, as well as alleviating the strain on brokers’ arms, allowed underwriters to include unlimited reflexive questions in order to capture point of sale data on disclosures.

This innovation has led to an all-time high in terms of immediate decision making and a reduction in the need for GP reports but has necessitated ever more complex and expensive rules technology which underwriters must integrate, manage and update.

Arguably, change is just as hard now as it was in the pre-digital age, it’s just that IT change stacks have replaced printer ink costs as the major blocker.

If real-time data sharing becomes a viable reality, insurers will be able to see far more about a customer than is currently available through a traditional application

When thinking about real innovation in the last 20 years, it’s hard to pinpoint anything which hasn’t, in reality, been an improvement or iteration of an existing process. Even the biggest and most controversial disruptors, such as UnderwriteMe, haven’t sought to change the game so much as make the game slightly easier to play.

I hear often about true personalisation being the key to revolution in underwriting. This means accessing the consumer data which exists in the ether through our NHS records, banking history and other financial activities, socioeconomic markers, television viewing habits, grocery purchases and exercise and health uploads. You name it, somewhere a company or organisation has consumer data on it.

By somehow pooling all this information, insurers could give accurate premiums with little or no further questions – a truly personalised and efficient underwriting process, which would mean no forms, digital or otherwise, and certainly no nurses popping round to Kev’s house to measure his particulars.

There are, however, significant hurdles to be cleared in order to reach this utopia, including: customer willingness to allow their data to be shared beyond the purpose for which they intended it (I don’t mind Netflix knowing what I watched on Saturday but I might not want to share it with the world), data protection laws and differing jurisdictions, and the infrastructure needed to integrate the myriad systems and software used by each data owner.

In a market which has seen prices falling in real terms over recent years, perhaps this wouldn’t be a bad thing

There is also a wider, philosophical consideration. Currently insurers ask for a limited amount of information on which to make an underwriting decision. This means that, in the true spirit of pooled risk, they are taking the chance there is information about a customer to which they are not privy. Indeed, it may be information to which the customer themselves is oblivious.

If real-time data sharing becomes a viable reality, insurers will be able to see far more about a customer than is currently available through a traditional application. Can they remain “blind” to some aspects in order to continue to offer cover to as wide a cohort as possible?

Of course, underwriting could be less intrusive and quicker right now, it’s just that gathering less data would mean increased premiums commensurate with the higher risk taken by the insurer. In a market which has seen prices falling in real terms over recent years, perhaps this wouldn’t be a bad thing.

Phil Jeynes is director of corporate strategy at Reassured