Talking about money and pension help


Article by Phil

Latest research from Royal London (FT Adviser 20/7/22) shows that the current young generation are more likely to talk to their parents about money and pension help matters, than at any time in the past. This is good news.

The research also threw up some interesting difference by earnings and even race. Here are the findings:

  • 76% of 16- to 24-year-olds have spoken to their parents about money and pension help matters.
  • This compares to 43% of those over 65, so almost double the number in a generation.
  • Over 70% of children coming from households with over £100,000 incomes spoke to their parents about money. Compared with only 50% in households with less than £20,000 income.
  • In race terms, 56% of White British children talked to their parents about money, compared to over 80% of those from Indian heritage.

Interesting stuff. What is does show is that money is no longer a taboo subject and that should hopefully help the younger generations to get into financial planning sooner rather than later.

Proposed changes to the Auto Enrolment (AE) legislation will help.

The latest Private Members Bill in Parliament proposes reducing the minimum age of AE to 18 from the current age of 22. It also proposes scrapping the minimum wage from the current minimum of £10,000 down to zero in order to get everyone involved in AE. This could come into force by 2025 its suggested.

It’s needed because research from advice firm Wealth (27/7/22) shows that currently only one in ten employers offers their staff access to an Independent Financial Adviser. So please keep talking to your family about money and pension help.

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