Pensions - Articles - Aegon comment on opening speech at the FCAs Conference

Kate Smith, head of pensions at Aegon, comments on Andrew Bailey’s opening speech at the FCA’s Intergenerational Differences Conference:

 “It’s important we recognise the changing financial dynamics of different generations and in particular the impact that buying property later in life has on younger generations’ ability to save for the long term and also the transfer of investment risk to younger generations following the decline of DB pensions. The FCA’s spotlight on intergenerational fairness is helping to raise awareness of the varying wealth profiles and financial challenges faced by different generations.

 “Significant change over the last couple of decades means individuals across the age bands tend to have very different attitudes and needs from financial services providers.

 “Government and industry need to address a number of key areas in particular. Firstly, individuals are largely responsible for saving for their retirement themselves and need support with investment decisions and over how much to save. The lack of affordable housing means more and more people are getting onto the property ladder in later life and potentially face paying a mortgage for longer. This has a knock on effect on their ability to save and build a secure retirement. Finally one of the biggest unresolved issues in UK policy making today is how to tackle growing social care costs. We need a national consensus on what people will be expected to pay towards their care costs which takes account of how the burden will fall on different generations.”

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