The Ostrich Generation - barely 12% of people under age 34 saving for retirement yet hope to retire on £30k pa

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The Ostrich Generation – barely 12% of people under age 34 saving for retirement yet hope to retire on £30k pa

THE OSTRICH GENERATION

Britain’s young savers are wildly underestimating how much they need to save each month for a comfortable retirement, after a national survey found just one in 10 is putting money aside for a pension – despite having high expectations for their final pension pots. Just 12 per cent of Britons between 25-34 years old are saving for retirement, even though one third hope to retire on £30,000 a year, some £4,000 above the average salary.

City AM London,  p. 1

  • Charterbridge provides free financial planning for people under age 33.  Check out the companies fee structure:  http://www.charterbridgefinancialplanning.co.uk/what-we-do/transparent-fees/

 

G2o targets shadow banking sector

The global financial regulator, the Financial Stability Board, formed by the G20 has revealed its bid to take tighter control of the shadow banking sector.

City AM London,  p. 4

 

Osborne eyes tax-free pension saving

Wealthier savers may face new limits on the amount they can invest annually in a pension tax-free under plans being considered by the Chancellor to increase taxes on the better off.

The Daily Telegraph,  p. 2

Also appeared in : Financial Times,  p.1, Financial Times,  p.3

 

FSA’s Bailey says banks should be forced to ring-fence retail

Britain’s banks should be forced to fully separate their retail arms from investment banking operations if they try to circumvent new rules designed to protect the taxpayer, a top regulator warned.

City AM London,  p. 4

 

FSA’s Bailey says banks should be forced to ring-fence retail

Britain’s banks should be forced to fully separate their retail arms from investment banking operations if they try to circumvent new rules designed to protect the taxpayer, a top regulator warned.

City AM London,  p. 4

 

Fears ease over serious threats to financial system

According to the Bank of England’s twice-yearly systemic risk survey, fears that a “high impact” event such as a sovereign default or severe recession will torpedo the UK financial system have dropped significantly this year.

This abstract from the Financial Times was produced by Kantar Media

Financial Times,  p. 4

 

Calm breeds confidence across the City

A Bank of England survey indicates that confidence in the British financial sector has picked up modestly, thanks to the uneasy calm that has descended in the eurozone. Optimism has risen to levels last seen in the first half of 2011, according to the Bank’s Systemic Risk Survey.

The Times,  p. 47

Also appeared in : The Times,  p.41

 

Watchdog needs help, MPs are told

Andrew Bailey, who is set to lead the Prudential Regulatory Authority, has urged the Government to spell out the powers of the new watchdog in as much detail as possible to give it the ability to stand up to pressure from the financial sector.

The Times,  p. 47

Also appeared in : Financial Times,  p.4

 

Paris hit by second downgrade

France suffered the second downgrade of its sovereign debt rating this year when Moody’s, the US rating agency, removed its triple A ranking last night.

This abstract from the Financial Times was produced by Kantar Media

Financial Times,  p. 8

 

Watchdog slams ‘giant failure’ that led to crisis

Britain’s chief financial watchdog last night accused the financial establishment of a “giant intellectual failure” in the run-up to the financial crisis and called for tough new sanctions on the directors of banks that fail.

The Independent,  p. 51

 

Banks surrendered over PPI, says ex-HBOS director

In proceedings yesterday at the parliamentary banking standards committee former chair of the retail risk committee of HBOS, Charles Dunstone said he doubted that mis-selling of PPI justified the £12bn compensation bill, but that banks had simply conceded because of their general unpopularity. Also Andrew Bailey, head of the interim Financial Policy Committee warned the banks against lobbying in relation to separation between high street banking and investment banking.

The Guardian,  p. 25

Also appeared in : City AM London,  p.2, The Daily Telegraph Business,  p.5

 

The above articles appeared on 20\11\12 reproduced with the kind permission of Kantar Media UK . All rights reserved.

Charterbridge Private Financial Planning, Independent Financial Advice, Thornbury, Bristol.