Our managing partner David Harrison took to the airwaves on Friday, September 20th to discuss the retirement savings gap with BBC Radio Cumbria – listen to the interview here (from 9 minutes onwards).
Following the publication of a survey by True Potential that found 25 per cent of people are saving in a pension, and that a further 35 per cent of people are saving nothing at all, Harrison says the savings gap is a ‘ticking time bomb’.
Speaking to the BBC, Harrison said: “People may be sick of hearing about the rising population age, and the fact that nobody has any savings, but this has been ignored by successive Governments now and the issue cannot be sidelined any longer.
“The biggest issue is that people simply don’t save enough, or they are saving in the wrong areas. We are all taught that saving in banks is safe, and that stocks and shares are risky, but the terrible APRs in banks’ savings accounts are lower than inflation and it means you are absolutely guaranteed to lose money.
“However, the stark reality is that people are not confident enough to invest properly. If you don’t know what you’re doing, get help from someone qualified to advise you on how to start investing properly.”