Making Money

In this discussion, Helen Miller, Director at the Institute for Fiscal Studies, shares her insights on the recent budget's implications. She analyzes the winners and losers, highlighting families benefiting from changes while others face tax hikes. Helen critiques the government's unclear growth narrative and the challenges facing public services. She also warns about the complexities of tax reforms and the impact of fiscal drag. Finally, she emphasizes the need for systemic reform and encourages citizens to engage in policy discussions.

Get ready for insights as a special budget discussion unfolds! The Director for the Institute of Fiscal Studies, Helen Miller, joins to break down the latest financial strategies. Expect a deep dive into budgeting essentials and how fiscal policies impact your wallet. Stay tuned for this eye-opening conversation that promises to equip you with practical money tips!

In this discussion, financial planner Tom Ashworth shares valuable insights on self-employment. He provides practical advice on when to set up a limited company, covering key factors like profit retention and tax efficiency. Tom also tackles budgeting for fluctuating incomes and explains the importance of understanding business expenses. He highlights strategies for withdrawing funds from a company while maintaining compliance. Finally, Tom compares pensions and ISAs for self-employed individuals, making complex topics accessible and actionable.

Torsten Bell, the Pensions Minister and former think-tank director, discusses the urgent need for reform in the UK pension system. He highlights that nearly 45% of working-age individuals save nothing for retirement. Bell advocates for the revival of the Pensions Commission to address gaps in current policies. He raises concerns over the challenges facing self-employed savers and the importance of diversifying pension investments. The conversation emphasizes enhancing retirement income security while navigating evolving state pension ages and long-term sustainability.

Tom McPhail, a pensions expert known for his insights on UK retirement policy, delves into the current pension crisis. He reveals how demographic changes and low private savings are straining the system. McPhail discusses the reluctance of governments to make tough long-term decisions and the potential for a depoliticized pensions commission. He also explores innovative ideas for incentivizing investments, increasing the state pension age, and reforming tax relief to ensure a sustainable future for retirees. This engaging discussion sheds light on the challenges ahead.

Toby Newbatt, a personal finance YouTuber known for his investing insights, joins the discussion on market bubbles and valuations. He dives into why fears of an AI or ‘everything’ bubble are emerging. Toby emphasizes the importance of long-term investing, despite market noise, and explains the Shiller CAPE and its limitations. The conversation also covers why diversifying investments is key, the risks in tech concentration, and how emotional pitfalls can affect trading decisions. Toby stresses that understanding personal risk tolerance is crucial in today's uncertain market.

Nobel Prize-winning economist Joseph Stiglitz, known for his insights on market failures and inequality, dives deep into issues surrounding freedom and exploitation. He critiques neoliberalism for diminishing freedom while benefiting a few. Stiglitz discusses the balance between public safety and personal liberties, highlighting the legitimacy of wealth versus exploitative practices. He advocates for reforms like a global minimum wealth tax and emphasizes the importance of public goods in expanding freedom. Hope rests in political pushback and the engagement of youth in democracy.

Jessica McGawley, a psychological consultant and founder of Dallington, shares her insights on parenting affluent youth. She emphasizes that financial education should start young, advocating for resilience through manageable failures. Unique parenting challenges in ultra-wealthy families offer relatable lessons for all. Jessica discusses the importance of communication, age-appropriate responsibilities, and transparency about money. Her advice includes letting teens experience consequences and fostering discussions about financial mistakes to prepare them for real-life challenges.

In this discussion, Abigail Foster, a trained accountant and founder of Elent, dives into the pressing financial literacy issues in the UK. She critiques how the education system, rooted in industrial-age practices, fails to prepare students for the modern financial world. Abigail shares insights on the lack of institutional action despite collaboration with major entities like HMRC. She argues that social media may be a more effective tool for financial education than traditional classrooms. Plus, she highlights the importance of early childhood discussions about money.

Helen Miller, Director of the Institute for Fiscal Studies, dives into the UK's pressing tax and public service challenges. With tax levels at record highs and public services under strain, she emphasizes the need for honest political dialogue about reform. Miller argues for bold, comprehensive tax changes to avoid punitive measures for citizens. She also discusses the implications of rising costs in healthcare and welfare, urging for long-term planning in taxes and pensions to ensure sustainability. Overall, she offers a cautiously optimistic view on potential solutions.