Informed Choice Radio Personal Finance Podcast

In this episode of Informed Choice Radio, Martin talks about solving the biggest problem with living longer. There is also a roundup of the latest personal finance news and an update from the world of Informed Choice. How to Solve the Biggest Problems With Living Longer Earlier this week Martin gave a presentation at the Cranleigh Chamber of Commerce breakfast meeting. This episode includes a re-recording of that presentation. Martin talks about a remarkable French lady and the deal she did with a property lawyer, the state of longevity in the UK today, what is on the cards for the State Pension, how reform of funding adult social care was watered down, and why many older people feel they are second-class citizens. He finishes with five ideas to address the challenges of an ageing population and helping people live well in later life. 1 – Become a Dementia Friend 2 – Become more accessible to older customers 3 – Invest in your old age today 4 – Talk to your kids about the future 5 – Re-rethink retirement Personal finance news update -The Financial Conduct Authority has warned some consumers might not fully understand the new Lifetime ISAs which are due to launch next April. -Unemployment in the UK has fallen to reach an 11-year low, according to new figures. -Early exit penalties for people withdrawing money from their pension pots are set to be capped at 1%. -Teenagers are ill-prepared for the financial realities of adulthood, according to the Money Advice Service. -Grandparents are gearing up to spoil their grandchildren to the tune of £1.4bn this Christmas according to research by Saga Money. Get answers to your personal finance questions Do you have a personal finance or investing question for Martin? Email martin@icfp.co.uk or ask on Twitter @martinbamford. You can call our dedicated podcast voicemail line on 020 8144 2745 with your question or visit www.icradio.co.uk/voicemail to leave an online voice message. Help us spread the word! Thank you for listening to this episode of Informed Choice Radio. Please use the comments section below to share any feedback you have. If you enjoyed this episode, please share it by using the social media buttons on this page. If you enjoy the show, please subscribe in iTunes and write us a review! Reviews really help us stand out from the crowd and reach more listeners.

My guest for this episode of Informed Choice Radio is Rodney Hobson. Rodney is an experienced financial journalist who has held senior editorial positions with publications in the UK and Asia. He was previously News Editor for the Business section of The Times, Business Editor of the Singapore Monitor, Head of News at Citywire and Editor of Shares magazine. Rodney has also contributed to the Daily Mail, the Independent and Business Franchise Magazine. He’s a regular contributor to Share Radio and writes a weekly column about stockmarkets, the economy and investment news for the financial news website Morningstar. Rodney is the author of several financial books including Shares Made Simple; Small Companies, Big Profits; Understanding Company News; How to Build a Share Portfolio and The Dividend Investor. He is also author of the Detective Inspector Paul Amos Lincolnshire Mystery series of books. His latest book is The Book of Scams, published by Harriman House. It describes the types of scams perpetrated on the public, how to spot the tell-tale signs and how to avoid becoming the next victim. In this episode of Informed Choice Radio, I speak to Rodney about the history of scams, how modern technology makes it easier to be scammed, why sophisticated investors are just as likely to fall victim, and much more. Welcome to The Book of Scams with Rodney Hobson, in episode 136 of Informed Choice Radio. Some questions I ask – What made you want to become a financial journalist, what made that journey happen? – What was the transition like coming from financial journalism in Hong Kong to the UK? – Have stories about financial scams always been common place in your work, is it something that’s always been there in the background? – Who gets scammed? – Are scams becoming more sophisticated, are they becoming harder to detect? Thank you for listening! To get new episodes of Informed Choice Radio sent directly to your device as soon as they are published, you can subscribe on iTunes or Stitcher Your reviews on iTunes are incredibly helpful and really appreciated. We get notified about each one; please leave a note of your name and website URL so we can mention you in a future episode.

My guest for this episode of Informed Choice Radio is Jon Beckett. Jon is a thought leader in the fields of fund strategy, research and governance. He’s been a fund selector and strategist for over 16 years, acting as a gatekeeper for one of the UK’s largest insurance platforms. He’s held a portfolio of senior roles, including with the Association of Professional Fund Selectors and Chartered Institute for Securities & Investment. Jon, affectionately known in the industry as ‘JB’, has long been an outsider of the City. He loves to challenge the status quo and cast light on the relationship between fund selectors and fund managers. JB is author of New Fund Order: A Digital Death for Fund Selection? In the book, JB hunts down the value chain between fund buyers and fund managers, tackling the difficult issues head-on. It’s described as a digital survival guide for anyone working in the fund and wealth industry. In this episode of Informed Choice Radio, I speak to JB about the life of a professional fund selector, the relevance of human fund selection in an increasingly digital world, using liquid alternative investments in the current economic environment, and the danger of super tanker funds. Welcome to New Fund Order with Jon Beckett, in episode 135 of Informed Choice Radio. Some questions I ask -How did you become a fund selector? -What inspired you to write the book, New Fund Order? -How is fund selection changing in this increasingly digital world? -Can you explain what alternative liquid investments are and how they tend to perform in volatile market conditions? -What's the problem with giant investment funds? Thank you for listening! To get new episodes of Informed Choice Radio sent directly to your device as soon as they are published, you can subscribe on iTunes or Stitcher Your reviews on iTunes are incredibly helpful and really appreciated. We get notified about each one; please leave a note of your name and website URL so we can mention you in a future episode.

In this episode of Informed Choice Radio, Martin talks about saving for retirement without using a pension. There is also a roundup of the latest personal finance news and an update from the world of Informed Choice. Saving for retirement without using a pension Some new research by Alliance Trust Savings has found that over a third of savers are using cash ISAs to build a retirement fund. This rises to almost half of those living in the north of the country. This research raises some interesting points about saving for retirement. We often think of retirement planning as the preserve of the pension. Pensions are the tax-efficient instrument of choice that people have historically used to save for later life. But does that still make sense? Should your retirement savings rely entirely on pensions or is there a better way? Personal finance news update -A different measure of price inflation is being introduced which will better reflect everyday price changes and the cost of owning a home. -9,000 Tesco Bank customers who were victims of fraud have received £2.5m of refunds. -A ‘dire’ shortage of housing is continuing to drive up prices in the UK, according to surveyors. -New research has identified the great British inheritance tug of war. Parents and children are banking on financial support from each other, according to the latest findings from SunLife’s Cash Happy report. -Women are effectively working for free from now until the end of the year as a result of the gender pay gap. Useful links mentioned in this episode –The Antidote: Happiness for People Who Can’t Stand Positive Thinking by Oliver Burkeman Get answers to your personal finance questions Do you have a personal finance or investing question for Martin? Email martin@icfp.co.uk or ask on Twitter @martinbamford. You can call our dedicated podcast voicemail line on 020 8144 2745 with your question or visit www.icradio.co.uk/voicemail to leave an online voice message. Help us spread the word! Thank you for listening to this episode of Informed Choice Radio. Please use the comments section below to share any feedback you have. If you enjoyed this episode, please share it by using the social media buttons on this page. If you enjoy the show, please subscribe in iTunes and write us a review! Reviews really help us stand out from the crowd and reach more listeners.  

My guest for this episode of Informed Choice Radio is Craig Palfrey. Craig is a Certified Financial Planner, Chartered Wealth Manager and a board member of the Institute of Financial Planning. He started in Financial Services back in 2000 and considers himself extremely fortunate that he’s found his vocation. Craig is author of The Wealth Secret: Create, Build and Protect Your Future – The Penguin Way. Setting out eight key principles, Craig and his team at Penguin Wealth in Cardiff have provided provide a step by step methodology for dealing with your finances. The book shows how these principles tie together into one effective plan. A plan that spans all life stages. In this episode of Informed Choice Radio, I speak to Craig about what prompted him to write the book, whether a savings habit can start in adulthood, the investment fads he has identified as a financial planner, and what investors should look for when choosing a wealth management team. Welcome to The Wealth Secret with Craig Palfrey, in episode 133 of Informed Choice Radio. Some questions I ask -What prompted you to write the book? -Why has saving for the future become such a lost art? -Does a savings habit have to start with education at school, or can it be developed later in life? -What investment fads have you identified as a Financial Planner? -How can investors find a great wealth management team? -Is there still a lack of trust, particularly when investors are looking for a Financial Planner for the first time? Thank you for listening! To get new episodes of Informed Choice Radio sent directly to your device as soon as they are published, you can subscribe on iTunes or Stitcher Your reviews on iTunes are incredibly helpful and really appreciated. We get notified about each one; please leave a note of your name and website URL so we can mention you in a future episode.

My guest for this episode of Informed Choice Radio is Cahal Moran. Cahal is chairman of the Post-Crash Economic Society. The Post-Crash Economics Society is a group of economics students at The University of Manchester. It is their belief that the content of the economics syllabus and teaching methods could and should be seriously rethought. He became a member of the PCES after becoming dissatisfied with the narrow and abstract nature of economics education during his undergraduate degree. Cahal is a co-author of The Econocracy: The perils of leaving economics to the experts. One hundred years ago the idea of 'the economy' didn't exist. Now, improving the economy has come to be seen as perhaps the most important task facing modern societies. Politics and policymaking are conducted in the language of economics and economic logic shapes how political issues are thought about and addressed. The result is that the majority of citizens, who cannot speak this language, are locked out of politics while political decisions are increasingly devolved to experts. The Econocracy explains how economics came to be seen this way - and the damaging consequences. It opens up the discipline and demonstrates its inner workings to the wider public so that the task of reclaiming democracy can begin. In this episode of Informed Choice Radio, I speak to Cahal about how an economics education is failing to equip experts with the tools they need, why economics should be more of an art form, and why we need to start talking about economics in a more accessible way. Welcome to The Econocracy with Cahal Moran, in episode 132 of Informed Choice Radio. Some questions I ask - How did you get into the field of economics and become a Phd student studying that particular field? - What does a traditional economics education look like, what are they being taught these days? - Would you argue that economics needs to be both an art and science? - What an readers expect from the book, what subjects does it cover? - Hows the book and the movement being received at university, what do your professors think? -Why did the general public stop trusting the experts when it came to economics? Thank you for listening! To get new episodes of Informed Choice Radio sent directly to your device as soon as they are published, you can subscribe on iTunes or Stitcher Your reviews on iTunes are incredibly helpful and really appreciated. We get notified about each one; please leave a note of your name and website URL so we can mention you in a future episode.

In this episode of Informed Choice Radio, Martin explains why so many people are seeing an amount deducted on their new State Pension forecasts. There is also a roundup of the latest personal finance news and an update from the world of Informed Choice. Why are they reducing my State Pension? Martin answers a listener question from Nigel, who has discovered he and his wife are due to receive lower State Pensions because they were previously contracted-out. Lots of people are finding themselves in this position; in fact, most people have been contracted out of the additional state pension at some point in their working lifetime. Martin explains how the old State Pension system worked and what it meant to be contracted out of the additional State Pension, and also how to find out if this was the case. He explains the ‘contracted out pension equivalent’ or COPE which is appearing on so many State Pension forecasts for people reaching State Pension age on or after 6th April 2016, and what you can do if you want to top-up your State Pension income. Personal finance news update -The US Federal Reserve has left interest rates unchanged ahead of the US Presidential election next week. -Price inflation in the UK is set to soar to 4% towards the end of next year, according to a leading think tank. -UK houses now cost six times annual earnings, according to the Nationwide. -£53.9m in Premium Bond prizes remain unclaimed, according to National Savings and Investments. -The State Pension is no longer fit for purpose, with newly published government data revealing the fragility of the State Pension system. Useful links mentioned in this episode –State pension top up calculator –The Pensions Advisory Service briefing note on topping up your State Pension Get answers to your personal finance questions Do you have a personal finance or investing question for Martin? Email martin@icfp.co.uk or ask on Twitter @martinbamford. You can call our dedicated podcast voicemail line on 020 8144 2745 with your question or visit www.icradio.co.uk/voicemail to leave an online voice message. Help us spread the word! Thank you for listening to this episode of Informed Choice Radio. Please use the comments section below to share any feedback you have. If you enjoyed this episode, please share it by using the social media buttons on this page. If you enjoy the show, please subscribe in iTunes and write us a review! Reviews really help us stand out from the crowd and reach more listeners. Our latest iTunes review Look at learning about the world of finance – start here! ***** in iTunes by David Dhannoo from UK on October 31, 2016 I’ve been listening to this podcast since Jan-Feb this year – I like Martin’s insights and the guests he has on. I find a lot of finance content stuffed with jargon but this podcast is easy flowing and have learnt a lot since tuning in from the start of the year. Definitely give this podcast a listen!

My guest for this episode of Informed Choice Radio is Dr Lynda Shaw. I met Lynda a year ago, when she was leading a workshop for the Society of Later Life Advisers all about communicating with older clients. As you will hear in this interview, Lynda is an incredible woman. She’s a cognitive neuroscientist and business psychologist, specialising in consciousness, emotion and the effects of ageing. Lynda has a long list of affiliations, including Fellow of Royal Society of Medicine, Chartered Psychologist, Associate Fellow of the British Psychological Society and Fellow of the Professional Speaking Association. In addition to her PhD in Cognitive Neuroscience, Lynda has a Masters of Research in Psychology, and a joint honours degree in Psychology and Social Anthropology. When I heard Lynda speak a year ago, she was covering the psychology of communication and the older client. I wanted to touch on some of this area again, to get a better understanding of how our brains change as we age and what impact this has on our decision making. In this episode of Informed Choice Radio, I speak to Lynda about her journey from business to academia, the link between emotion and below conscious awareness, how we can make better decisions about our money by reframing our state of mind, why retiring from work might be the most unhealthy decision you make in your life, and much more. Welcome to Greed, Decision Making, & the Ageing Brain with Dr Lynda Shaw, in episode 130 of Informed Choice Radio. Some questions I ask -How do you go from being a business woman to a psychologist and a neuroscientist? -How is this application of neuroscience applied in business generally and in life generally? -If we enter the decision making processes in the wrong state of mind, are we going to approach the decisions differently? -What are the changes that we go through as we age? -Do we lose confidence in our decision making as we age because of changes to our brains? -Tell us about greed, can it be a positive and a negative emotion? Thank you for listening! To get new episodes of Informed Choice Radio sent directly to your device as soon as they are published, you can subscribe on iTunes or Stitcher Your reviews on iTunes are incredibly helpful and really appreciated. We get notified about each one; please leave a note of your name and website URL so we can mention you in a future episode.

My guest for this episode of Informed Choice Radio is Andy Webb. Andy is a personal finance blogger, bargain hunter and journalist, covering all things money and consumer. He is the founder of Be Clever With Your Cash, a website which he launched in February 2014 following a long career with the BBC, including a stint working on The Money Programme. You might recognise Andy’s voice, as he is a regular on television and radio, as a money expert for The Money Advice Service. Andy’s website, Be Clever With Your Cash, gets more than 70,000 visitors a month and has resulted in some fantastic awards for Andy, most recently Best Personal Finance Blog at the 2016 Money Blogger Awards. He was also highly commended for Best Personal Finance Blog at the 2016 Headlinemoney Awards. As you will hear in this episode, Andy is passionate about not wasting cash and wants to help others achieve their dreams. He’s the founder of UK Money Bloggers; a network of personal finance and money saving bloggers who get together to share ideas, experiences and opportunities. In this episode of Informed Choice Radio, I speak to Andy about the growing community of money bloggers in the UK, how people with an interest in personal finance can get started online, and some basic steps to make the most of your money. Welcome to Cash Hacking with Andy Webb, in episode 129 of Informed Choice Radio. Some questions I ask -Why is personal finance blogging growing in the UK, despite the subject failing to capture the imagination of mainstream broadcasters? -How can you be confident the person behind a money blog is legitimate? -What’s topical at the moment in the world of money blogging? -For someone just getting started, what are the basics for making the most of your money? -Which members of the UK Money Bloggers community regularly give the best tips? Subscribe in iTunes | Click to listen now | Right click to download episode Useful links mentioned in this episode –Be Clever With Your Cash –Andy Webb on Twitter –UK Money Bloggers on Twitter Thank you for listening! To get new episodes of Informed Choice Radio sent directly to your device as soon as they are published, you can subscribe on iTunes or Stitcher Your reviews on iTunes are incredibly helpful and really appreciated. We get notified about each one; please leave a note of your name and website URL so we can mention you in a future episode. Subscribe in iTunes | Click to listen now | Right click to download episode

The Financial Conduct Authority (FCA) has started a consultation about its new mission. As a firm of Chartered Financial Planners providing independent financial advice, we are authorised and regulated by the Financial Conduct Authority. In the past week, we received our annual invoice from the FCA, which pays not only for the regulator but for some other related regulatory bodies too. In this episode of the podcast, Martin provide a breakdown of this invoice, explaining where the money goes and what it covers. He explains the cost of the FCA, FSCS, FOS, Money Adviser Service and Pension wise, as well as other regulatory costs including professional indemnity insurance and capital adequacy. What do you think about the cost of financial services regulation? Do we pay too much, too little? Do you get good value for money? We would love to hear from you. Personal finance news update -The UK economy has grown by a better than expected 0.5% between July and September, in the wake of the EU referendum result. -More retirees are taking advantage of the pension freedoms and cashing in their pension pots, but the average withdrawal amounts has fallen. -The deadline for submitting a paper tax return is looming, with HMRC warning of fines for late returns. -The lowest earners have experienced the fastest pay rises, thanks to the introduction of higher minimum wages. -Homebuyers looking to live in one of England’s picturesque market towns will need to pay a premium of £34,000 compared to neighbouring areas.   Get answers to your personal finance questions Do you have a personal finance or investing question for Martin? Email martin@icfp.co.uk or ask on Twitter @martinbamford. You can call our dedicated podcast voicemail line on 020 8144 2745 with your question or visit www.icradio.co.uk/voicemail to leave an online voice message. Help us spread the word! Thank you for listening to this episode of Informed Choice Radio. Please use the comments section below to share any feedback you have. If you enjoyed this episode, please share it by using the social media buttons on this page. If you enjoy the show, please subscribe in iTunes and write us a review! Reviews really help us stand out from the crowd and reach more listeners.