EPICURE Early Spring 2020

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EPICURE later life PENSIONS ACROSS THE GENERATIONS Whatever your age, we all like to think that other generations have it better. Anna Murdock takes a subjective look at the three generations currently making up the UK’s workforce. Millennials Millennials often gripe that their future wealth has been squandered by the baby boomers, who are now retiring en masse. For their part, older people often accuse millennials of living only in the now and being spoiled for choice with education and life experiences. But amid a swirl of other day-to-day financial concerns, few could deny that spiralling house prices and astronomical rental costs represent a major obstacle to starting pension savings. One key question is, will there be as big a generational pension gap as millennials fear? Perhaps not. With the government’s shift towards ‘auto enrolment’, employer pensions could well plug some of this potential divide. Pension contributions through auto enrolment look certain to grow, and according to the Office for National Statistics (ONS), while in 2012 less than half of UK employees were saving into a pension plan, now more than 70% are – and this number is growing. While millennials don’t account for all of this increase, automatic enrolment is certainly nudging them towards saving for retirement. Generation X Straddling some of the biggest shifts in the pension industry, Gen Xers may be the ones that feel the pinch the most. In terms of sheer numbers, Gen-Xers make up more of the workforce than the other two generations put together. While some will have been lucky enough to get in on the golden ticket of final salary schemes, millions of others haven’t. Instead, government policies designed to get them saving more, prompted by the dwindling generosity of final salary schemes have fallen short of their aims. The baby boomers Younger people might view today’s pensioners as being the lucky ones: in addition to having accumulated wealth through housing, many have the luxury of a guaranteed income of final salary schemes. Accordingly, there has been a temptation to point the finger at the baby boomers who gave rise to the expression ‘The Bank of Mum and Dad.’ The generations that follow them could stand to benefit from some of this accumulated wealth, especially as the new pension freedoms might enable more flexibility around leaving assets for future generations. However, for every baby boomer that benefits from a generous final salary provision, there will be another falling way short of what they need to live comfortably. Such people might have to work later in life, bursting the traditional dream of that picture-postcard retirement. ONS statistics show that the number of people working between the ages of 70 and 79 has doubled, from 4% to 8%, since 1992. For the less fortunate that do not have adequate provisions and have mistakenly assumed that the state would make up the difference, there is not much time to make up the shortfall – unlike younger generations who are more aware and can benefit from the cumulative effect of investing into pensions early in life. Perhaps the biggest challenge for the pension industry and the government is getting us all to save more towards retirement. Many of us know we should, but this does not always translate directly into action – especially when more pressing financial needs have to be covered. As useful as the broader categories of different generations can be in highlighting differences, the lessons of intragenerational disparity should spell out that no two people share the same financial circumstances. The reality is that if you are a working adult and you are not sure about whether your current course of retirement provisions will be sufficient to meet your needs, then the chances are you will be off target. So whatever stage of life you are at, doing some form of retirement planning is probably the single most important thing you can do right now to ensure you have enough to retire comfortably. Anna Murdock, Head of Wealth Planning JM Finn 120 EPICURE | Early Spring 2020 EPICURE Early Spring 2020.indd 120 24/01/2020 15:31
From generation to generation We look after your wealth so you can nurture your passions. Call us to learn how we can help build the future you want to see: 020 7600 1660 www.jmfinn.com Follow us on: 020 01962 7600 3921660 130 info@jmfinn.com www.jmfinn.com 2018 The value of investments and the income from them can go down as well as up and investors may not get back the amount originally invested. JM Finn and JM Finn & Co are trading names of J.M. Finn & Co. Ltd which is registered in England with number 05772581. Authorised and regulated by the Financial Conduct Authority. EPICURE Early Spring 2020.indd 121 24/01/2020 15:31
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Go beyond luxury As soon as you ope
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OPEN MORNING Thursday 5th March 202
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STYLE, HEALTH & WELLBEING WAYS TO L
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EPICURE Early Spring 2020

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