Afleveringen
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We all know friendship is priceless, but navigating social circles where some people are a lot better off than others may be a minefield. According to Intuit, Gen Z would rather discuss sex, politics and infertility struggles than their salaries, debt, and bad investments.
So how can you maintain strong friendships while navigating different bank balances and spending habits? This month on The Pension Confident Podcast weâre looking at the costs associated with friendship. Join our host, Philippa Lamb, and our expert panel as they discuss how to talk about money with friends, overcoming envy and more:
Psychologist and Associate Fellow of The British Psychological Society, Dr. Tara Quinn-Cirillo; Co-Founder of Millennial Money UK, Niaz Azad; and Head of Brand and Communications at PensionBee, Brooke Day. Episode Breakdown:01:29 How to discuss money fairly
06:10 Navigating a financial divide
11:20 How friendship expenses can snowball
16:28 Overcoming envy
18:58 As you and your friends get older
22:31 When life throws you curveballs
25:38 Lending money to friends
27:57 Knowing when to let go.
Further reading:To learn more about the cost of friendship, check out these articles from PensionBee:
Episode 27 transcript The cost of friendship Bonus episode: Relationships and money How to talk about money Six ways to manage your money and your mental health Six ways to start talking about money What is the impact of debt on mental health? Other useful resources: How to keep money from tearing your friendships apart (Vox) Is the wealth gap ruining friendships? (Guardian) The transfer of wealth from boomers to âzennialsâ will reshape the global economy (Financial Times) A third of people are owed money by friends and family (Starling) Nearly 50% of millennials overspend to keep up with friends (Credit Karma) Why the âf*ck itâ mentality is harming friendships (Refinery29) SplitwiseCatch up on the latest news, read our transcripts or watch on YouTube:
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Part three of our personal finance tips is here! In this bonus episode,our expert guests discuss budgeting, what to know before you get started with investing, plus they share a property mistake you may have made too.
Get started on your financial spring cleaning and hear helpful tips from:
Personal Finance Expert and Founder of Mrs MummyPenny, Lynn Beattie; Financial Journalist and Senior Digital Editor at MoneyWeek, Kalpana Fitzpatrick; Founder and CEO of Propelle; Ayesha Ofori, Independent Non-Executive Director for PensionBee; Lara Oyesanya FRSA; CMO at PensionBee, Jasper Martens; and CMO at LifeSearch; Justin Harper.Episode Breakdown:
00:45 Monthly subscriptions
01:20 Saving little and often
02:13 Saving for your kids
02:49 Getting started with investing
03:50 Investing in property
04:56 The benefits of life insurance.
Read the transcript.
Catch up on the latest news, read our transcripts or watch on YouTube:
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You might be surprised to learn that living to 100 years of age is no longer a rare feat. The Office for National Statistics (ONS) revealed that almost one-in-seven boys and one-in-five girls born today are expected to reach this milestone in the UK.
The trend is clear: with advancements in technology and healthcare, a centenarian life is becoming the norm. But what does this mean for our everyday lives, especially in terms of work, planning, and even our mindset?
This month on The Pension Confident Podcast weâre discussing the increasing likelihood of the 100-year life. Join our host, Philippa Lamb, and our expert panel as they discuss both the emotional and financial realities of longer living:
Economist and best-selling Co-Author of âThe 100-Year Lifeâ, Andrew J. Scott; Editorial Director at Noon, Jennifer Howze; and Director (VP) Public Affairs at PensionBee, Becky OâConnor. Episode Breakdown:02:20 Rising life expectancy
04:31 Adapting to a multi-stage life
06:03 The emerging adulthood trend
07:59 Saving for retirement
10:01 Portfolio careers in midlife
13:46 Multi-generational households
15:03 How long will people be working for?
18:05 Budgeting your time and money
19:10 State Pension versus Retirement Living Standards
23:29 Investing in your human capital
Further reading:To learn more about the 100-year life, check out these articles from PensionBee:
Episode 26 transcript Are you ready for your 100-year life? Can you live off of the State Pension? How much money is enough to save in your pension for your future retirement? How you could build a million pound pension Is it too late to start a pension? 6 reasons why you should delay taking your pension Other useful resources: British workers increasingly likely to work into their 70s, research suggests (The Guardian) One in six over-55s have no pension savings yet (Unbiased) Queenagers: research portrait of midlife women (Noon) The 100-Year Life â Living and Working in an Age of LongevityCatch up on the latest news, read our transcripts or watch on YouTube:
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Enjoying the podcast? Tell us what you think below and give us a rating. As always weâd love to hear your suggestions and feedback. Send us an email: [email protected].
In this bonus episode of The Pension Confident Podcast, we dive into the world of Socially Responsible Investing (SRI). We explore how your retirement savings can be a powerful tool for good. Plus, weâll tackle the big question: can you make money and make a difference to people and the planet?
From impact investing to ESG ratings, find out how socially responsible investments are defined and how you can get involved. In this episode, we hear from:
Chief Engagement Officer at PensionBee, Clare Reilly; Co-Founder of Islamic Finance Guru, Ibrahim Khan; VP Product at PensionBee, Martin Parzonka; and Campaign Director for Make My Money Matter, David Hayman.Episode Breakdown:
01:36 ESG ratings
03:02 Impact investing
04:18 Shariah-compliant investing
06:26 Profits and principles
08:50 Whereâs your pension invested?
12:11 How to invest for change.
Read the episode transcript.
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Enjoying the podcast? Tell us what you think below and give us a rating. As always weâd love to hear your suggestions and feedback. Send us an email: [email protected].
While many organisations may talk about equality, research tells us that women are far less likely to secure a pay rise than men - even when they ask for one! Nearly one in every three men who ask for more pay get it, but only one in every five women are successful.
This month on The Pension Confident Podcast, inspired by International Womenâs Day, weâre discussing how to earn more money. Join our host, Philippa Lamb, and our expert panel as they discuss how to bridge the gap between your potential and your paycheque:
Social Entrepreneur and Broadcaster, Natalie Campbell MBE; CEO and Co-Founder of The Know, Lynn Anderson Clark; and Senior Customer Experience Researcher at PensionBee, Priyal Kanabar.Episode Breakdown:
01:52 Pay gaps in the workplace
04:27 Early stage careers
07:52 The mentorship relationship
11:10 Job application behaviour
13:17 Job interview tips
16:12 Negotiating for higher pay
18:55 Benchmarking your salary
24:10 Later life careers
Further reading:
To learn more about navigating pay negotiations and improving your financial prospects, check out these articles from PensionBee:
Episode 25 transcript How can we improve financial health amongst women? Can financial education platforms help close the gender financial literacy gap? How women can boost their pension savings Six ways to start talking about money How to check your State Pension forecast 10 money making ideas for stay-at-home mums How to catch up on pension paymentsOther useful resources:
Find and compare gender pay gap data (GOV.UK) Explore salaries at the worldâs most innovative companies (Otta) The Carerâs Pension Gap (PensionBee) Queenagers: research portrait of midlife women (Noon)Catch up on the latest news, read our transcripts or watch on YouTube:
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Enjoying our award-winning podcast? Then donât forget to rate and give us a review! As always weâd love to hear your suggestions and feedback.
On this special bonus episode of The Pension Confident Podcast, we look at different relationships and the impact they can have on your finances. Whether you live with a friend, are married or going through a separation, these tips are for you.
From property and prenups to credit scores, find out what they all mean for your current relationship status. In this episode, we hear from:
This Girl Talks Money Founder, Ellie Austin-Williams; Director (VP) Public Relations at PensionBee, Becky OâConnor; Barrister, Mediator and Family Arbitrator, and a Spokesperson for free legal assistance charity, Advocate, Paul Infield; Personal Finance Expert and Founder of Mrs MummyPenny, Lynn Beattie; Founder of financial literacy platform All Things Money, Ola Majekodunmi; CMO at PensionBee, Jasper Martens; Financial Times Consumer Editor, Claer Barrett; and Head of Communications at the Financial Services Compensation Scheme (FSCS), Emma Barrow.Episode Breakdown:
00:58 Moving in with someone who owns a property
03:05 Pensions and divorce
05:29 Prenups and postnups
07:05 Why itâs important to talk about money
07:58 Pension beneficiaries
09:03 Credit scores and relationships.
Read the episode transcript.
Catch up on the latest news, read our transcripts or watch on YouTube:
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Enjoying the podcast? Tell us what you think below and give us a rating. As always weâd love to hear your suggestions and feedback. Send us an email: [email protected].
January is a time when many of us will naturally be thinking about various hopes and intentions for the year ahead. But what if your ambition is to launch your own business?
Starting a side hustle during a cost-of-living crisis isnât for the faint of heart. After all, in the UK one in five new businesses fold in their first year, and over half of start-ups donât make it past five years. But that doesn't mean it's impossible.
Join our host, Philippa Lamb, and three fearless entrepreneurs as they discuss real-world tactics for bootstrapping your dream business:
Founder and CEO of Vestpod, Emilie Bellet; Founder and CEO of Sprive, Jinesh Vohra; and CCO at PensionBee, but also Founder of childrenswear business Little Circle, Lisa Picardo.Episode Breakdown:
01:50 The idea and first steps
09:08 Networking with the competition
11:48 Business planning
15:26 The pros and cons of co-founders
18:04 Managing your money effectively
22:04 Sole trader versus limited company
24:54 Common mistakes and expert advice
Further reading:
To learn more about starting your own company, check out these articles from PensionBee:
Episode 24 transcript The pros and cons of self-employment What you should know about being your own boss Are the self-employed saving enough for retirement? How to manage your money when youâre self-employed Pension contributions from your limited company Six ways to reduce your tax bill as a limited company Sole trader vs limited company: how do the tax savings stack up?Other useful resources:
Set up a business (GOV.UK) Online graphic design tool for businesses (Canva) Find the best accountant for your small business (Unbiased) Startup School for Seniors The Business Model Canvas (Strategyzer)Catch up on the latest news, read our transcripts or watch on YouTube:
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Follow Sprive (@SpriveApp) on X, Instagram, TikTok, Facebook and LinkedIn.
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Enjoying our award-winning podcast? Then donât forget to rate and give us a review! As always weâd love to hear your suggestions and feedback.
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Happy New Year from all of us at The Pension Confident Podcast, we hope you had a great break! Weâre back for our third series where weâll be discussing even more personal finance questions plus, weâll be sharing lots of bonus content throughout the year too.
The next episode will be live at the end of January and itâs all about starting your own business. Later on in the year weâll be looking at the monetary cost of friendship and how you can financially prepare to live to 100.
Donât forget to subscribe to your favourite podcast app so you never miss an episode.
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Weâre thrilled to announce that the series has won two Lovie Awards! We were recognised in both the âBest Seriesâ and âBest Branded Podcast or Segmentâ categories. A big thank you to everyone who voted for us!
If you didnât get the chance to vote, why not tell us what you think by giving us a review and a rating? As always, you can send your suggestions and feedback to:
With Christmas around the corner it can be easy to go overboard. Before you know it, you may have spent a little too much and live to regret it come January.
Weâve all been there, and we all make other financial mistakes. Sometimes theyâre small, like lending a friend a tenner, knowing youâre unlikely to see it again. However, sometimes they can have a much bigger impact. It could be that youâve bought a property that doesnât fit the bill, or perhaps youâve let your debts spiral out of control?
Even the money experts make mistakes and to talk us through theirs, and what we can all learn from our financial failures are:
Personal Finance Expert and Founder of Mrs MummyPenny; Lynn Beattie, Founder of financial literacy platform, All Things Money; Ola Majekodunmi, and CMO at PensionBee; Jasper Martens.Episode Breakdown:
01:41 Team PensionBeeâs financial mistakes
02:46 Shopping mistakes
08:44 Black Friday and other âsalesâ
11:45 Not paying attention to your finances
12:22 Recurring payments and monthly subscriptions
15:18 Switching bank accounts
18:18 Pension apathy
24:24 Property mistakes
26:52 The effect of relationships on financial decisions.
Further reading:
To help you avoid making some of the financial mistakes we talk about in this episode, check out these articles from PensionBee:
Episode 23 transcript Common money mistakes and how to avoid them How to check your pension contributions How to save for retirement when âfuture youâ feels like a stranger Rethinking your pension savings during the cost of living crisis Avoid these pension mistakes in your 40s Six ways to start talking about money Five steps to plotting your personal finance roadmapOther useful resources:
Camelcamelcamel price tracker Idealo price comparison website Current account switch guarantee Switching mobile phone provider (Ofcom)Catch up on the latest news, read our transcripts or watch on YouTube:
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Follow Ola (@allthingsmoney_) on X, Instagram, TikTok, Facebook and LinkedIn.
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Weâre thrilled to announce that the series has won two Lovie Awards! We were recognised in both the âBest Seriesâ and âBest Branded Podcast or Segmentâ categories. A big thank you to everyone who voted for us!
If you didnât get the chance to vote, why not tell us what you think by giving us a review and a rating? As always, you can send your suggestions and feedback to:
On this special bonus episode of The Pension Confident Podcast, weâve rounded up some of the best pension tips our guests have shared so far.
From choosing the best time to withdraw from your pension to making the most of tax relief, hear important pension topics discussed by experts including:
PensionBeeâs CEO; Romi Savova; Financial Times Consumer Editor; Claer Barrett; PensionBeeâs Chief Engagement Officer; Clare Reilly; Money to the Masses Founder; Damien Fahy, PensionBeeâs Head of Product; Martin Parzonka; Pensions and Lifetime Savings Association Head of Media Relations; Mark Smith; PensionBeeâs VP Brand and Communications; Rachael Oku; This Girl Talks Money Founder; Ellie Austin-Williams; and PensionBeeâs Director (VP) Public Relations; Becky OâConnor.Episode Breakdown:
00:42 Getting started with your pension
01:51 Parental leave and pensions
02:52 Pension beneficiaries and tax
03:22 Your pension and the cost of living crisis
03:49 Taking your pension
04:36 Moving your pension pots
05:23 Pensions vs. ISAs.
Read the episode transcript.
Catch up on the latest news, read our transcripts or watch on YouTube:
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Weâre thrilled to announce that the series has won two Lovie Awards! We were recognised in both the âBest Seriesâ and âBest Branded Podcast or Segmentâ categories. A big thank you to everyone who voted for us!
If you didnât get the chance to vote, why not tell us what you think by giving us a review and a rating? As always, you can send your suggestions and feedback to:
Renting has been a hot topic of debate throughout the cost of living crisis - and with good reason. The cost of privately renting a home has risen every month since November 2021, with the average price now 12% higher than this time last year.
In this episode we take a look at the reasons behind this, what your rights are as a tenant or a landlord, and what needs to change to improve the housing market for everybody.
Helping us to do so with their expertise are:
Policy Officer for Shelter; Jenny Lamb; Deputy Editor for Property at The Times ; David Byers, and Director (VP) Public Affairs for PensionBee; Becky OâConnor.Episode Breakdown*:
02:49 Recent national rental increases
03:35 How much are we spending on rent?
04:18 Housing supply and demand
06:05 Evictions and homelessness*
10:01 The impact on our other finances
11:18 The impact on older renters
13:24 Property as an alternative to a pension
15:54 Your rights as a tenant or landlord
18:36 Where to go if youâre struggling to pay
21:42 The Renters (Reform) Bill
24:50 Affordable housing.
* We talk about Section 21 notices in this episode, but wanted to give you a clear explanation of what they are. A Section 21 notice can be used if a landlord wants their tenant to leave a property that they own. A landlord can only serve you this notice if your fixed-term tenancy has come to an end or if youâre in a periodic tenancy, but they donât need a reason to make you leave. A landlord must give you at least two monthsâ notice to vacate the property. At the end of that period, if you havenât left the property, the landlord can start the formal court process to formally evict you. This usually takes a number of weeks and could result in a court order that forces you to leave the property.
You can see all the rules around Section 21 notices on gov.uk. If youâve been served a Section 21 notice, you can see what your rights are on the Citizens Advice website.
Further reading:
For more information on the key issues surrounding the home rental market, check out these resources.
Episode 22 transcript Why has renting got so expensive? Renters (Reform) bill (UK Parliament) Emergency grants, loans and money help (Shelter) Discretionary Housing Payments (Gov.uk) Council Tax Reduction (Gov.uk) Benefits calculator (Turn2us) Grants search (Turn2us) Housing issues (Citizens Advice) First-tier tribunal (Gov.uk).Catch up on the latest news, read our transcripts or watch on YouTube:
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On this special bonus episode of The Pension Confident Podcast, weâre revisiting the popular debate: should you pay more into your mortgage or your pension? Hear from our former Host Peter Komolafe, CEO and Founder of The Humble Penny; Ken Okoroafor, former CMO at HABITO; Abba Newbery and VP Brand and Communications at PensionBee; Rachael Oku as they discuss the pros and cons of investing in property and pensions.
Read the episode transcript here.
Episode Breakdown:
01:21 Using your property to fund your retirement
02:46 How long will your pension pot need to last you
05:10 Paying off your mortgage early
07:12 The benefits of pension contributions
09:08 Investing in property
Catch up on the latest news, read our transcripts or watch on YouTube:
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Did you know that as well as a gender pay gap and a gender pension gap, thereâs also a gender investment gap? According to investment website; Boring Money, in the UK thereâs nearly ÂŁ600 billion more in menâs investment accounts than womenâs!
Only a third of UK women say they feel confident dealing with their finances. But, is a lack of confidence the reason why only 48% of women invest in the stock market compared to 66% of men, or are other factors at play?
To help us explore why women are less likely to invest are this monthâs expert guests:
Founder and CEO of Propelle; Ayesha Ofori, Co-Founder of Female Invest; Anna-Sophie Hartvigsen, and Independent Non-Executive Director for PensionBee; Lara Oyesanya FRSA.Episode Breakdown:
02:00 Whyâs it important for women to invest?
03:15 Brief history of financial gender inequality
04:51 Saving vs investing
06:58 Why women are less likely to invest than men
08:46 Are women less likely to take risks?
14:24 Financial education for women
17:26 Pensions are investments
19:34 Who can invest?
22:03 Our guests first investments
26:07 Long-term thinking.
* We mention Boring Moneyâs research shows a ÂŁ600 billion gender investment gap worldwide - this figure actually only covers the UK!
The figures mentioned for the potential returns of savings vs investments were calculated using Santanderâs savings and investments calculator. The results were based on taking medium risk and the ârealisticâ expectation of growth. However, returns can be higher or lower. These are just examples and arenât guaranteed.
Further reading:
For more information on the key issues affecting women and their finances, check out these resources from PensionBee.
Episode 21 transcript Why arenât women investing? Why closing the gender investing gap matters for impact investing Can financial education platforms help close the gender financial literacy gap? How important is financial independence? How can we improve financial health amongst women? Building your financial resilience Episode 3: How do we tackle the gender pension gap?Other useful resources:
Propelle Female Invest The history of women and money (GoHenry) Equal Pay Act 1970 (Gov.uk) Girls get less pocket money than boys (Netmums) Girls just wanna have funds (Female Invest book) Savings and investments calculator (Santander)Catch up on the latest news, read our transcripts or watch on YouTube:
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Follow Ayesha on Instagram and LinkedIn.
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Follow Lara on LinkedIn.
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Sit back and enjoy part two of our roundup featuring some of the best personal finance tips from expert guests of The Pension Confident Podcast.
Whether youâre saving to raise a family, or looking to buy a house, have a listen to hear helpful ideas from the likes of:
Founder of Vestpod; Emilie Bellet, Host of The Conversation of Money Podcast; Peter Komolafe, Financial Times Consumer Editor; Clear Barrett, Founder of This Girl Talks Money; Ellie Austin-Williams, Barrister and Spokesperson for legal assistance charity, Advocate; Paul Infield, Co-Founder and CCO of Snoop; Scott Mowbray, and PensionBeeâs Head of Content; Brooke Day.Episode Breakdown:
00:36 Preparing your finances for kids
01:22 Turning your pension contributions on and off
01:53 Budgeting when youâre self-employed
02:34 ISAs and tax
03:04 Buying a house with someone else
04:19 Financial personality and financial independence
05:05 Monthly budgets
05:30 Risks when withdrawing a Lifetime ISA.
Read the episode transcript here.
Catch up on the latest news, read our transcripts or watch on YouTube:
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As we all know, there are only two certainties in life - death and taxes - and going through the admin when someone dies can be a slow and expensive process. Thatâs why itâs a good idea to think about where youâd like your own money and personal belongings to go in advance to avoid making it complicated for those you leave behind.
In this episode, we discuss all the useful things you can do to make sure youâve got your own affairs in order - from wills and to life insurance, to pension beneficiaries. We also talk about what's important to address when youâre dealing with somebody else's estate.
Helping us to do this are our three expert guests:
Solicitor for Frank Brazell & Partners and Free Wills Month; Simon Levy, CMO at LifeSearch; Justin Harper, and PensionBeeâs Head of Second Line Compliance; Jaypee Soule.Episode Breakdown:
03:16 Executors and beneficiaries
03:51 Keeping things organised for your loved ones
08:25 Lasting powers of attorney
09:54 Letters of wishes
11:21 Prepayment funerals
12:36 Life insurance
13:21 Inheritance tax
15:29 Pension beneficiaries
18:25 Writing a will
22:06 What are the rules of intestacy?
27:18 First steps when a loved one passes away
28:06 Tell Us Once service
29:37 Whatâs probate?
*We talk about what happens to your pension after death in this episode. We want to be clear that weâre referring to defined contribution pensions. Here are a few more things to know:
If the deceased is under 75 years old, and the pension proceeds are paid within two years of the provider knowing of the customerâs death, then their beneficiaries can get the money tax-free. From 2026, if the deceased is under 75 years old, tax may be charged to the beneficiaries if the deceased has reached their lifetime allowance. Find out what the current pension lifetime allowance is. If the deceased is aged 75 or above, the pension proceeds are taxable at the marginal rate of the beneficiaryâs income tax.*We want to be clear that your pension isnât legally considered part of your estate, so isnât covered by your will. However, mentioning your pension in your will may help to eliminate any doubt over your wishes, though itâs recommended that you still contact your pension provider to add your beneficiaries to your policy.
Further reading:
For more help dealing with the admin when someone passes away, check out these resources from PensionBee.
Episode 20 transcript Pension death benefits Pension rules after death Pension beneficiaries What happens to your pension when you die? Your guide to writing your will How your pension can save you inheritance tax.Other useful resources:
LifeSearch Free Wills Month Cheap and free wills (Money Saving Expert) Tell Us Once (GOV.UK) The LifeBook (Age UK) The Last Word report 8 Best Password Managers (Forbes) Learn more about intestacy - the process that occurs when someone dies without a will.Catch up on the latest news, read our transcripts or watch on YouTube:
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Follow @PensionBee on X, Threads, Instagram, TikTok, Facebook and LinkedIn.Follow @LifeSearch on X, Instagram, Facebook and LinkedIn.
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Enjoying the podcast? Then donât forget to rate and give us a review! As always weâd love to hear your suggestions and feedback.
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On this special bonus episode of The Pension Confident Podcast, weâve rounded up some of the best personal finance tips our guests have shared so far. From the power of compound interest to understanding credit ratings and ISAs.
On this episode weâll hear a range of important financial topics discussed by experts including:
Founder of Money to the Masses; Damien Fahy Founder of The Humble Penny and Financial Joy Academy; Ken Okoroafor Founder of The Money Whisperer; Emma Maslin Founder of Mrs MummyPenny; Lynn Beattie. Founder of Mr MoneyJar; Timi Merriman-Johnson Personal Finance Expert and Blogger at This Girl Talks Money; Ellie Austin-Williams CEO and Co-Founder of Bloom Money; Nina Mohanty Consumer Editor at the Financial Times, Author and Host of the Money Clinic Podcast; Claer Barrett Financial Expert, Author and Host of The Conversation of Money Podcast; Peter Komolafe.Read the episode transcript here.
Episode Breakdown:
00:44 Tax relief on pension contributions
01:17 Making pension contributions as a limited company
01:51 Compound interest
03:09 Automating your savings
03:51 Saving money when youâre single
04:48 Credit ratings
05:54 Stocks & Shares ISAs
06:43 Understanding different types of ISAs
Catch up on the latest news, read our transcripts or watch on YouTube:
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On this special bonus episode of The Pension Confident Podcast, weâre turning the mic around on our Host; Philippa Lamb, to hear her favourite moments from the podcast so far.
Weâve had some brilliant guests - from CEOs to campaigners, barristers to financial influencers, along with some of our favourite in-house PensionBee experts. On this episode weâll hear a range of important financial topics discussed from the likes of:
CCO of the Financial Services Compensation Scheme (FSCS); Lila Pleban Founder of The Money Whisperer; Emma Maslin CEO of Bloom Money; Nina Mohanty Head of Communications at the FSCS; Emma Barrow Co-Founder of Islamic Finance Guru; Ibrahim Khan Barrister, Mediator, Family Arbitrator, and Spokesperson for Advocate; Paul Infield Personal Finance Expert and Blogger at This Girl Talks Money; Ellie Austin-WilliamsRead the episode transcript here.
Episode Breakdown:
02:02 Credit card debt and money worries
04:51 Reducing the gender pension gap for our children
06:52 Credit scores and credit invisibility
10:10 Shariah investing
14:25 The financial risk of âCommon law marriageâ
Catch up on the latest news, read our transcripts or watch on YouTube:
The Pension Confident Podcast
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Weâre taking a short break from our usual schedule in August, but donât worry - weâve got some bonus content incoming while you wait for our next episode!
Weâll be back in September discussing how to deal with financial admin when a loved one dies, and how you can prepare your own finances to make it simple for those you leave behind.
Plus, look out for episodes later this year on building your financial confidence, starting your journey in self-employment, and how to recover from financial failures.
Donât forget to subscribe on your podcast app to get these episodes, and more, as soon as theyâre released.
Catch up on the latest news, read our transcripts or watch on YouTube:
The Pension Confident Podcast
The Pension Confident Podcast on YouTube
Follow @PensionBee on X, Instagram, TikTok, Facebook, Threads and LinkedIn.
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Enjoying the podcast? Then donât forget to rate and give us a review! As always weâd love to hear your suggestions and feedback.
Send us an email:
Having children can be one of the most wonderful and rewarding things youâll ever do, and itâs impossible to put a price on all the joy that kids can bring you. However, thereâs no denying the impact that bringing up a family can have on your finances.
Having a child can be a huge financial commitment. According to The Times, itâll take an average of nearly ÂŁ203,000 to raise a child from birth to the age of 18. And it wonât necessarily stop there, you might find yourself spending on your kids from before theyâre born until well into their adult lives. Add to that, the effects on your income that taking parental leave may bring - you might not know where to begin!
To talk through all the costs involved with having children and whether raising a familyâs currently affordable are our guests:
CEO of Mumsnet; Justine Roberts CBE Financial Journalist and Senior Digital Editor at MoneyWeek; Kalpana Fitzpatrick PensionBeeâs CTO; Jonathan Lister Parsons.Episode Breakdown:
02:12 Can you predict how much a baby will cost?
07:48 Statutory Maternity Pay
09:42 The problem with parental leave
11:56 Statutory Adoption Pay and Leave
12:46 The cost of childcare
14:58 Tax-Free Childcare Allowance
15:37 Child Benefit
20:37 Costs as your kids grow up
24:38 Paying for higher education.
*We mention maternity pay in this episode and just wanted to be absolutely clear with the figures:
Statutory Maternity Payâs paid up to 39 weeks You get 90% of your average weekly earnings for the first six weeks You get the lower of ÂŁ172.48 or 90% of your average weekly earnings for the following 33 weeks.*We also accidentally overstated the amount of Shared Parental Leave that you may be entitled to. We said youâd get a year, but itâs actually up to 50 weeks of leave between parents.
*We state that the UK has the highest childcare costs in the Organisation for Economic Co-operation and Development (OECD). Though this has been true as recently as 2022, the UK currently ranks third. However, this numberâs ever changing.
Further reading:
For more help getting financially prepared for raising a family, check out these resources from PensionBee.
Episode 19 transcript Can you afford to have a baby? Pensionbeeâs research on fair sharing of childcare PensionBee Parental Leave Policy What I learned about mothers and their pensions from answering Mumsnet questions How to financially plan for a baby How stay at home mums can build a decent pension What happens to your pension during maternity leave? Finances for freelancers on maternity leave How can I get my pension back on track after taking time off to have children? Why parents need to make a Child Benefit claim to protect their State PensionOther useful resources:
Mumsnet Statutory Maternity Pay and Leave (Gov.uk) Statutory Paternity Pay and Leave (Gov.uk) Statutory Adoption Pay and Leave (Gov.uk) Disability Living Allowance for children (Gov.uk) Tax-Free Childcare (Gov.uk) Child Benefit (Gov.uk) Boosting paternity leave has economic benefits (Pregnant Then Screwed) Average childcare costs (MoneyHelper) Transparency on parental pay (ABI)Catch up on the latest news, read our transcripts or watch on YouTube:
The Pension Confident Podcast The Pension Confident Podcast on YouTubeFollow @PensionBee on X, Instagram, TikTok, Facebook, Threads and LinkedIn.
Follow @Mumsnet on X, Instagram, Facebook, TikTok and LinkedIn
Follow @KalpanaFitzpatrick on LinkedIn, X, Instagram and TikTok
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Enjoying the podcast? Then donât forget to rate and give us a review! As always weâd love to hear your suggestions and feedback.
Send us an email:
Weâve spoken in much depth about preparing for retirement on The Pension Confident Podcast, but weâll all eventually get to a stage where we find itâs time to start taking that money out of our pension pots, rather than putting in.
After decades of working and saving into your pension, youâll be looking forward to the day when itâs finally time to retire and you can start spending your pension cash. But, you might not be sure what the smartest way to withdraw your money is. Furthermore, you might be fearful of it running out.
To take us through all the withdrawal options and discuss how we can make our money last in retirement are our expert guests:
Product Director at Legal & General Retail; Mark Jones Financial Journalist and Founder of Much More With Less; Faith Archer PensionBeeâs Head of Product; Martin Parzonka.
Episode Breakdown:
02:32 Predicting how long youâre going to live
05:39 When can you take your pension?
06:38 Annuities
07:36 Pension drawdown
16:45 Making a pension withdrawal plan
19:27 Measuring risk
22:54 Having multiple sources of retirement income
24:25 Resources to aid your pension withdrawal plan.
Further reading:
Think about your pension withdrawal plan with the help of these resources from PensionBee.
Episode 18 transcript Pension drawdown Pension annuity Pension drawdown calculator State Pension age calculator Inflation calculator Drawdown explained (Youtube) How to withdraw money from a pension fund Should I take a lump sum from my pension? Pension decumulation Why have annuity purchases been increasing? What happens in a Pension Wise appointment?Other useful resources:
Pension Wise Retirement planning course (Legal & General) Life expectancy calculator (ONS) Death clock Investment pathways (FCA) FIRE movement (Investopedia) Senior railcard Older personâs bus pass (gov.uk)Catch up on the latest news, read our transcripts or watch on YouTube:
The Pension Confident Podcast The Pension Confident Podcast on YouTubeFollow @PensionBee on X, Instagram, TikTok, Facebook, Threads and LinkedIn.
Follow Faith @MuchMoreWith Less on X, LinkedIn and Facebook.
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