Martin’s Money Mondays is a new Good Morning Britain segment created to help viewers who are worried about the cost of living crisis.
It is helmed by Martin Lewis, a financial expert who created the website Money Saving Expert to offer free financial advice to struggling consumers.
Each episode will see Martin offer advice grounded in his knowledge of the financial sector as he helps viewers offset some of the worst effects of the current crisis.
Who is Martin Lewis?
Martin Lewis is a financial journalist and broadcaster - he created the Money Saving Expert website in 2003 at a cost of £100 and sold it for an estimated £87 million in 2012, though he remains editor-in-chief.
He has a column in the Sunday Post and a syndicate column which appears in The Yorkshire Evening Post and Manchester Evening News among other papers.
Martin was appointed as a CBE in 2022 for services to broadcasting and consumer rights.
What is Martin’s Money Mondays?
The new Good Morning Britain segment will focus on questions specifically about the cost of living crisis with homeowners and renters expected to face soaring energy bills over the next 12 months.
Martin will sit beside host Susanna Reid as he answers questions about high energy bills from concerned viewers.
Martin said: “Sadly right now the best I can hope to offer many of those families is damage limitation, only the politicians have the power to provide actual solutions.”
What did Martin Lewis say on Martin’s Money Mondays today?
On the first Martin’s Money segment which aired today (5 September) Martin explained that because of the standing charge for gas and electricity, all households will pay for energy even if they don’t use any.
He explained that for those with a gas and electricity meter paid by direct debit the standing charge cost will be £273 a year from October.
From October, the daily standing charge rate for gas will rise from 27.22p to 28.49p and for electricity from 45.34p to 46.36p.
Martin said that he campaigned to get rid of the standing charge but added, “as with all my other campaigns with Ofgem, it hasn’t happened.”
He explained that some energy firms will allow customers to top up their payment meter before the price cap rise, allowing them to pay ahead for energy in October at the lower rate.
Martin explained that this will not work on a smart meter and most firms will allow a maximum top up of £250.
Martin also answered a question on whether customers on variable tariffs should switch to a more expensive fixed-price tariff to avoid even higher potential bills in the future.
He explained that if the fixed tariff is no more than double the current cost on the variable tariff then it could save customers money to switch. However, he added that there is no way to know for certain how energy prices will change over the next year.
When is Martin’s Money on TV?
Martin’s Money Mondays airs weekly during Good Morning Britain on Monday mornings after 7am on ITV and the ITV Hub.
Clips from the segment will also be shared on the Good Morning Britain YouTube channel shortly after it airs on TV.
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