Most of the industry insiders bemoaning The Advice Gap focus on the numbers not saving, or not saving enough to enjoy any kind of decent future, let alone retirement. The Protection Advice Gap is, however, equally cavernous. Only around half of those with mortgages have enough life insurance, and only 30% of couples with children, and 10% of single parents have cover. And that’s just life insurance, not critical illness cover (because, as we always used to say, they usually save you these days), or income protection – check your contract of employment, not many will include anything more than statutory sick pay these days. Something else we always used to say, you insure your car and your house because you have to, but insuring yourself is optional, and if you don’t, no one else will. Again, check your workplace benefits. Even if you have some cover, what happens if you lose your job? Food for thought, I hope.
“Pensions minister: ‘we have created saving pots, but not a pension system’”
The OBR (Office of Budget Responsibility, as opposed to the OBI, often said to be housed in No.11) said this week that pensions were one of the biggest problems to be faced by this and future governments.
