Financial News for Families: Key Changes to Know for November 2024

Families across the UK should stay informed on several financial developments affecting household budgets and benefits, particularly as we head into November 2024. Here are the most significant updates for family finances:

1. Cost of Living Support and Benefits

The UK government has confirmed that benefits and pensions will continue to be paid as usual in November, with no interruptions due to holidays. This includes Universal Credit, Child Benefit, State Pension, and Disability Living Allowance. Despite inflation slowing down, many families still face challenges, particularly with the ongoing cost of living crisis, which has seen essentials like food and energy bills remain high.

Additionally, the Household Support Fund (HSF), designed to help vulnerable households with necessities such as food and energy, has been extended until March 2025. This extension will provide continued relief, particularly for those struggling with heating bills during the winter months​. The Independent  Hargreaves Lansdown

Chancellor Rachel Reeves is expected to deliver the Autumn Budget at the end of October, and some expected changes could have a direct impact on family finances. These could include potential increases in inheritance tax, which may affect families planning on passing down property or other assets. The government may also consider adjusting tax brackets or allowances to tackle the budget deficit, which could influence disposable income for middle-income families​ Hargreaves Lansdown

3. Childcare Support

There’s also good news for families with young children: the government has expanded free childcare entitlement. From September 2024, families can now access 30 hours of free childcare per week for children as young as nine months. This expansion aims to support working parents by reducing the high costs of early years childcare​ The Independent

4. Energy Bill Relief

As energy prices remain high, several energy providers, including British Gas, EDF, and Scottish Power, continue to offer support for families struggling to pay their bills. These energy firms have grants available to help cover arrears, and families are encouraged to check their eligibility​ The Independent

5. Financial Planning for Families

With the challenges families face, it’s important to revisit household budgeting and planning. Tools like childcare vouchers, tax-free childcare schemes, and energy-saving grants can ease some of the financial pressure. As we await the details of the Autumn Budget, families should prepare for potential changes in taxes or benefits that may affect their income.