Making Money cover image

Making Money

Will you be hit by the UK pensions crisis?

Jul 8, 2024
Pensions industry expert Tom McPhail discusses the UK pension crisis, inadequate savings, state pension uncertainty, and the debate between a house or a pension. They delve into challenges in the pensions industry, the need for financial education in schools, and how pension funds can drive economic growth. Practical advice is shared on maximizing retirement savings and navigating financial trade-offs.
01:10:43

Episode guests

Podcast summary created with Snipd AI

Quick takeaways

  • Saving at least 10% of income monthly is crucial for future financial security.
  • Auto-enrollment boosts pension participation, but adjusting contributions is vital.

Deep dives

Personal Finance Awareness and Guidance in the Workplace

Some employees lack understanding of personal finances, even in finance-related professions. This led to a proposal to provide financial guidance and coaching in businesses. Offering talks, guidance, and bespoke content can significantly impact long-term financial decisions, such as engaging with workplace pensions.

Remember Everything You Learn from Podcasts

Save insights instantly, chat with episodes, and build lasting knowledge - all powered by AI.
App store bannerPlay store banner