Financial fair play

Yet, despite this being the most educated generation thanks to the advent of the internet, it appears to be one of the least informed when it comes to financial matters – whether it be investing in pensions, shopping around for the lowest energy tariff or having a better understanding of 
the nuances of interest rates.

This is borne out by the latest intervention of Dr Ros Altmann, a regular contributor to The Yorkshire Post’s comment pages, who is now advocating the creation of a ‘national wealth service’ to help families to maximise their income for the duration of their lives.

With pensions policy in a constant state of flux, and adverse publicity surrounding various sharp practices dissuading many younger people from putting sufficient money aside, Dr Altmann is entirely right to highlight the need for “a revolution in the provision of financial education” – information needs to be made available far more effectively.

The challenge is informing people of their obligations when so 
many youngsters struggle to grasp basic maths, and when business studies constitutes such a small element of the school curriculum.

Yet its importance should not be under-estimated. For, unless issues like pensions are taken more seriously, the current vacuum has the potential to leave all taxpayers out of pocket in the future.