Hey Juno community!
Did you know that the minimum state pension in the UK is less than £10,000 a year?
Getting on top of your pension is key to preparing for your future – and our brand new pensions app module will show you how to do just that!
We've also got our community's thoughts on medical insurance, some good news (!) about the economy, and the link between mental health and money.
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In the news this week...
1. The state pension will rise by 1,000 next year – but not for everyone
What's happening?
The state pension has been adjusted in line with inflation, and will go up by £1,000 next year. But this won't apply for everyone – those who have been 'contracted out' of the state pension by their employers won't gain the increase and will be hit harder by inflation.
What does this mean for my money?
The full state pension, i.e. the maximum amount you could be entitled to, is currently less than £10,000 a year. Even with a £1,000 increase, that's very little to live off.
Head to the brand new pension module in the app to find out how you can build up yours!
2. Good news! The UK economy has returned to growth
What's happening?
The economy unexpectedly grew in May, fuelled by holiday bookings. While the UK GDP declined by 0.2% in April, it was up 0.5% in May. Not all sectors are doing well – consumer-facing services are still struggling.
What does this mean for my money?
Economists warn that the risk of a recession is still looming large, so May's growth may not reflect the rest of the year ahead.
Learn more...
📚 Not sure about what GDP really means? Investopedia's got you covered.
3. Financial anxiety is the number one concern for both Gen-Z and Millennials
What's happening?
A yearly report by Deloitte has suggested that for the first time in 11 years, financial anxiety is the number one worry plaguing both Gen-Z and Millenials.
What does this mean for my money?
If you're feeling worried about your money, these stats show you that you're not dealing with it alone and that it's become a multi-generational issue.
While mental health can often feel like an individual problem, financial anxiety is a systemic issue that is currently being compounded by the economic struggles that lots of us are facing.
Learn more...
The charity Mind breaks down the link between money and mental health, and gives some great tips for dealing with the emotions around money.
What's happening in the community?
1. Is private medical insurance worth it?
Here's what our community thinks.
R1: I used to have it with my previous employer and it was amazing, eg I was diagnosed with endometriosis and instead of waiting 18-24 months for surgery I only had to wait 2. Similarly I was able to get a range of physio sessions very easily.
The best thing about it is the timing aspect in my opinion. I haven’t decided to continue paying for personal private medical insurance as I don’t feel I need it right now, however I would absolutely consider it in future.
R2: I got 20 sessions approved with a therapist after a short survey with BUPA, on the NHS it would have taken months.
The main downside though is that the multi-disciplinary aspect isn’t anywhere near as good in private healthcare, it’s a lot more siloed.
R3: I have private healthcare - but now that it's not paid by work, I had to think about what I was going to get. I decided to get hospital cover only for the whole family (we have a young daughter) - along with diagnostics.
My worry with the NHS is that waiting periods could be the problem for our family. We are older parents, and have a young child. Diagnosis is important for us.
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