10 years on since the Banking crisis… Has anything changed?

Take control of your money and future- by taking advice.

A decade has passed since we first learned of the banking crisis, which 12 months later led to the western world spiraling into a recession.

The uncertain financial times that followed meant many suffered, while others barely noticed, and although it may feel like just yesterday since the recession hit, it’s easy to forget just how much our lifestyle landscape has changed over the past 10 years.

Looking back to 2007, fuel was under a pound per litre, a typical weekly supermarket shop cost a fiver less than today, and the average retirement ages for men and women were 62 and 61 respectively. 

Fast forward to 2017 and everything seems to be on the up, other than that all important retirement age.

Today, men and women are typically retiring three years later than a decade ago, and are expected to live up to five years longer – but with an average pension of almost £50,000 less than 10 years ago. 

Meanwhile, national debt has increased by 50% to £52 billion, yet the Prime Minister is enjoying a £15,000 greater salary than Gordon Brown had 10 years before.

It appears in the world of football money is almost  a by product of the game, with the world record fee making a massive jump from £36m in 2007 to this year’s sum of £200m for Neymar’s move from Barcelona to Paris Saint-Germain.

In the pension world, one of the biggest moves during the last decade has been the pension reforms. When the rules changed in 2015, those aged 55 and over were given more choice and flexibility on what they could do with their pension pot.

And with more uncertainty heightened by today’s global political climate, this choice is more important than ever.

No one has a crystal ball and economists can’t predict what our personal futures will bring, however one thing is a dead cert – your pension can help to protect your finances in those uncertain times, and getting advice could help you make the right decisions in the here and now.

Take control of your money and future- by taking advice.

A decade has passed since we first learned of the banking crisis, which 12 months later led to the western world spiraling into a recession.

The uncertain financial times that followed meant many suffered, while others barely noticed, and although it may feel like just yesterday since the recession hit, it’s easy to forget just how much our lifestyle landscape has changed over the past 10 years.

Looking back to 2007, fuel was under a pound per litre, a typical weekly supermarket shop cost a fiver less than today, and the average retirement ages for men and women were 62 and 61 respectively. 

Fast forward to 2017 and everything seems to be on the up, other than that all important retirement age.

Today, men and women are typically retiring three years later than a decade ago, and are expected to live up to five years longer – but with an average pension of almost £50,000 less than 10 years ago. 

Meanwhile, national debt has increased by 50% to £52 billion, yet the Prime Minister is enjoying a £15,000 greater salary than Gordon Brown had 10 years before.

It appears in the world of football money is almost  a by product of the game, with the world record fee making a massive jump from £36m in 2007 to this year’s sum of £200m for Neymar’s move from Barcelona to Paris Saint-Germain.

In the pension world, one of the biggest moves during the last decade has been the pension reforms. When the rules changed in 2015, those aged 55 and over were given more choice and flexibility on what they could do with their pension pot.

And with more uncertainty heightened by today’s global political climate, this choice is more important than ever.

No one has a crystal ball and economists can’t predict what our personal futures will bring, however one thing is a dead cert – your pension can help to protect your finances in those uncertain times, and getting advice could help you make the right decisions in the here and now.