Tom McPhail
speaker
705 appearances
1 recordings
1 series
first heard Aug 2026
last heard 3 Aug
Tom McPhail’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Aug 2026 with 1.
Appearances
You know, along with your house, it is the single most important financial thing you're going to do.
And if you don't engage with it, we talked earlier about the self-employed, if you keep not engaging with it, and I've seen this with friends, you get to your 50s and they go, oops, now I've got a problem.
As a rule of thumb, if cumulatively you're not putting aside for the long term at least 10% of your income every month, you're probably not saving enough.
We've kind of hit peak pension and we're kind of going down the other side at the moment.
So the short-term prospects aren't terrifically good right now.
Sure.
I mean, the good news is sort of 15, 20 years ago, we did auto-enrolment.
So we were heading towards a world where fewer and fewer people participated in pensions.
People just weren't joining workplace pensions.
The only people left in workplace pensions were the
the diminishing lucky few who were in final salary pension schemes, ones where you get guaranteed benefits, mostly in the public sector.
Most of the private sector employers had stepped back from offering these really good pension schemes.
Membership generally was going down.
So the last Labour government around the early 2000s took steps to fix that.
They reintroduced this new workplace savings programme called auto enrolment.
That's got millions more people back into pensions.
So that's a win, right?
So that's good.
The problem is there are still millions of people who, A, aren't in a pension, and B, even the ones who are in a pension still aren't saving nearly enough.
And whilst it's great we're all living longer, the cost of providing for retirement keeps going up because we're all living longer.
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