James Coney  

Leave property out of pensions dashboard

James Coney

James Coney

Rather, what is needed is another separate account that combines everyone’s assets in one place.

Because of the dawn of open banking (albeit a very slow dawn), we are at a point where it is not inconceivable that every bit of money you have, and debt, can be seen in one location.

That is a brilliant planning tool for consumers – and has the potential to be a wonderful asset for financial advisers too.

Not having to do all the legwork should mean more time for what advisers should be real specialists at: retirement and tax planning.

Dealing with data

I had to laugh at the own-goal digital bank Revolut caused when it put up a London Underground poster claiming to know how many singletons ordered a take-away meal for one on Valentine’s Day.

Of course, among a certain demographic, teasing people is beyond the pale and so there was Twitter backlash.

Customers of these digital start-ups are total converts to the cause.

You cannot utter a bad word against the bank without being attacked. So even when Monzo made the incredibly dodgy move of suggesting customers rack-up debt to take part in capital raising for the bank, many customers defended the actions.

But I am less concerned about the advertising boo-boo and more worried about what these banks are really about: data. They do not care about banking, they are just here to make money from our information.

Preparing for anything

I loved a piece in the Financial Times’ Serious Money section that looked at financial mistakes and gave money management tips for women.

As well as great information on savings and pensions, it included a “f*** off fund” – savings for when you need to leave your partner.

Now that really is planning for every eventuality.

James Coney is money editor at the Sunday Times