As election campaigning gets under way, I thought I would share with you some of the wishes and hopes of potential clients. In particular ones who might be dubbed ‘Generation X’.
These may not be your core clients, in fact they are the children of the generation whose wealth you are all helping to administer.
In short this generation- who are under 50 for the purposes of this opinion column, have expressed the following:
To not have our children’s National Insurance payments subside my generation’s state pension
For my children to have the right to buy a house, and not be forced to rent
For my children and my generation to be able to save, and have a decent amount of interest paid on my savings.
Ergo - for the Bank of England to raise interest rates and not keep subsidising the housing market because rising house prices are the only thing keeping the majority of the working UK population from feeling worse off than previous generations
To have enough money set aside for my children if they want to go to university.
And if they go straight into employment to earn a decent wage and not have to be subsidised with tax credits because their employer wants taxpayers to stump up the rest.
I know that many of you have enjoyed generous commission and fees from rising house prices - this is not sustainable. When you have families with a joint income of £100k and savings of £40k not able to get on the property ladder - there is something wrong.
Obviously it is wishful thinking to hope that NICS can be put aside, but maybe some more awareness of the fact the National Insurance Fund is not setting money aside for future state pension liabilities may help garner pensioner support for younger generations.
Because if their wishes are not catered for the maths is simple, you will have no clients and financial advice will become a mythical concept, enjoyed only by the very very few.