Moneybox

The figures reflect a long-running gap in retirement provision for the self-employed, who of course fall outside the scope of automatic enrolment.

At the same time, Moneybox reports a fifth of adults have paused or may pause pension contributions.

And more than a quarter would consider cutting contributions to increase their disposable income.

Money box modelling suggests that for an average earner, a 12-month pause could provide around £1,000 in additional take-home pay, but leave their pensions pot more than £12,000 smaller by retirement once lost contributions, lost employer matching and compound investment growth are taken into account.

If you wanna message me after, Lana, I'll tell you what I would do.

But I use Moneybox, the app, and all you have to do with Moneybox is you, you can put in all your different pension providers that you've paid into.

They'll find them all for you, and they'll consolidate them all for you as well, if you want.

Like, if there are, like, loose pensions that are just hanging about...

Like, I had a few before I joined the cops, and then one after I left the cops as well, and I consolidated all those because they were kind of separate, and I was never gonna carry on paying into them.

So I just consolidated them all into one, put them in Moneybox, and I put them in a Moneybox pension, like stocks and shares pension.

And then they gain over the years, like a stocks and shares ISA would.

They gain...

[clapping] We have Oliver Gardner, founder of the student loans campaign group Rethink Repayments.

[clapping] And last but not least, we have Brian Burns, Director of Personal Finance at Moneybox, who are sponsoring this session.

Thank you, Brian.

[clapping] Okay, so let's dive straight into student loans, the biggest issue afflicting young people in this tent.

Yeah.

Now, Brian, I want to bring you in here.

So what do you think this is stopping young people from doing? Now, at Moneybox, you know, you've got insight into how people are behaving with their, with their savings, with their investments as they're building up to these milestones in life which are becoming harder to achieve.

Yeah, absolutely.

You can, in some instances, actually invest that money with some of these services, but there are plenty of services out there that allow roundups.

For example, Moneybox does it.

We've got an article that I'm going to put in the show notes called the best saving apps in the UK, how to build a savings pot using your smartphone.

And basically it gives a list of services that allow you to do some of this very automated saving.

Now, there are services, like I mentioned already, Moneybox, that I mentioned in the article.

Another one is Plum.

There are some app-only banks out there that do roundups.

This is Closely followed by Chip, which also has a great account, 4.6%.

We have Moneybox with 4.57% that has a 500 pound minimum.

Tembo's Home Saver, Cash Icer is also worth mentioning.

So they offer up to 5.5%.

[gentle music] Right, our next guest really can put his money where his mouth is.

He's the director of personal finance at Moneybox, and he's here to tell us how to protect your penny.

So let's chat to a man who knows how to look after our earns.

It's Brian Burns.

Are you ready for some Q&As?

Absolutely, yeah.

All right, it's all going very well with Moneybox.

Um, we're loving Moneybox, and apparently you're loving the relationship, which is great, isn't it?