Talking about money and pension help

Money-and-Pension-Help
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.

Pension Transfer Gold Standard

Christina Clegg Financial Planning Services

 

Pension Consolidation

Our Pension Advice Experts at Christina Clegg Financial Planning Services explain how to consolidate all you pensions into one place.

All initial meetings to discuss your financial circumstances are FREE of charge, which is a great opportunity for us to get to know each other, before deciding how you’d like to proceed with any Pension Help needs.

Awards and Accreditations

Pension Transfer Gold Standard
Investment-Planner
Financial Vulnerability Taskforce
VF 23
Vouched For 2022
Vouched For 2021
Vouched For 2020
Vouched For 2019
Vouched For 2018
Vouched For 2017
Vouched For 2016
Vouched For 2015
Vouched For 2014

Adele was wonderful! She explained everything and made us feel at ease at all times. It was wonderful to deal with her.

Mr & Mrs C

We’ve only been clients for a couple of months, but we both feel that we have made the right decision. After first meeting Adele she put our minds at rest.

Mr & Mrs P

The quality of service from Adele and everyone at the company was excellent, in fact the service we received was better than that.

Mr & Mrs F