'Money box' saving App being advertised --pushed-- by Mumsnet

[dontcallmethatyoucunt]

I've just watched this advert and it's given me the rage. I get that people want to save for their kids, but for goodness sake, I'd bet most of the people putting their 'spare change' in their kids name don't have enough pension savings in their own name.

I know people want to help their kids, but not worrying that your poor old mum can barely afford to eat, seems like a pretty good gift to me.

AIBU to think that mumsnet should not be pushing the concept that giving to your kids is the 'norm', 'must do' thing. It's another burden on hard up families and is frankly nuts..

Disclaimer: I work in pensions, but volunteer in the Citizens Advice, I see all sorts of shocking scenarios and no pension is right up there.

Flame me as a child hater!

If someone is stupid enough not to plan for their retirement then that's their problem, not MN or the app.

I think saving generally - whether for kids or retirement - is a good thing. My guess is different to yours - I reckon it's more likely that those saving for their kids are also the ones putting money aside for their old age. I think saving is a habit/mindset that people either have or don't have and if people can start saving when they previously haven't, then that's a good thing. For those who haven't got £££s to put aside each month, I can see the appeal of a few pence put away for the kids in an "every little helps" way and that saving for retirement if they haven't already done so would seem overwhelmingly impossible in comparison. Oh and also, it doesn't have to be either or. You can save for your kids and put money aside for retirement. We don't earn loads but we save for both.

*disclaimer: I haven't watched the ad

Stupid? Often there are many complex reasons why someone would not have a pension pot. Stupidity is not a very common one, IME.

I will have to work until I can't any more. Then I am happy to "check out". Unless my situation drastically changes, that is... Dread DS's future sometimes, but not all of us have the magic ability to see in the future and predict illness, etc.

In a nutshell, I see where you're coming from, OP, but for me the irritation lies in the assumption that you can save significant amounts of money. Or that you should. I would if I could! This kind of stuff always makes me feel a bit like a failure as a parent....

It perpetuates the idea that 'everyone else' is doing it and so should you. If you don't you're failing.

I often get asked 'how can I save for my kids' by people and it's often above their own pension provision. Nuts IMO.

There are MILLIONS of adverts telling us that though. Everyone else is waxing their body hair... everyone else loves a kale smoothie... everyone else is blah blah blah... it's all bollocks. That's just advertising.

I'm with you OP.

I'll sadly never be in a position to max out my LTA so I figure most tax efficient way to save for me AND my kids is stick it in my pension. If I want to pass any of that on to my kids I'll do so via TFC at 55+.

Disclaimer: I work in pensions too

Magic yes I know. I suppose I just see the fall out and think that a pension App pushing women to provide for themselves would be more desirable. deluded how market forces work

I think lots of people believe there's a magic money tree for their retirement... and you'll be showing up to shake a few branches

mint yes yes to the tax free cash.

And of course the fact you can leave your pension (if you didn't need it to survive) to the very same kids, outside of your estate, possibly tax free. Win, win, win.

pension plug

If someone is stupid enough not to plan for their retirement then that's their problem

If someone is stupid enough to believe that stupidity is the reason people can't pay into a pension pot, i'm surprised they managed to string a sentence together.

So should holiday companies stop advertising?

Should any company stop advertising?

Most of the stuff mn advertises (or anyone advertises) will apply to some people and not to others. Some people will be able to afford ehat advertised. Some people wont.

It's the tone of it I object to. I know on some levels I'm being ridiculous, but it's the warped message.

What I should be asking for is more information for people on what retirement savings should look like and a wider campaign to educate people on the importance of saving young.

How about a campaign for higher wages and/or lower living costs, e.g. more council houses? Better healthcare and education? Pensions are a pipe dream to many like me.

yes indeed. The auto enrolment pension levels for employers are pitiful.

I'd like to know more about pensjons. We're in late 30s and don't really have them. Not high income jobs either so not easy to save.

Also there's fear that locking money in pensions now may be too late/won't give a return so better putting into mortgage.

I was high achieving but we both fell through the gaps one way or another . I taught but only for 8 years so not a proper teacher spension. Partner self eemployed.

All very easy to talk about provision from a position of privilidge. If we were higher earners I'd have squirreled money away all over the place. We've just about got by.

(And in complete denial about kids and uni.)

Also there's fear that locking money in pensions now may be too late/won't give a return so better putting into mortgage

I think that's a common concern, and frankly, various scandals don't exactly improve the image of financial services.

In reality, over time, shares do as well as property, but are less understood. This is why financial education, basic economics, should be as important as maths and English in schools.

FWIW 8 years of a teachers pension could have a capital value of about 80k (hard to say without knowing your grade) and it's guaranteed and indexed linked for life. Worth having. This is another thing, when teachers/government pensions changed, people were saying 'these pensions are not big, on average they are only £8k a year'. I was thinking, fucking hell, in the private sector you'd need 200k for that! People didn't understand the true value.

im not sure what the answer is, but I can be pretty certain the 'market' won't sort it out. People need their employers to pay more and the government need to educate people to see pension saving as as important as mortgages.

Whispers :I've no mortgage either.

I don't think mine is predicted to give 8000 . it's final salary linked or some such and I finished early on!

I know returning to teaching would be beat pension wise but I can't manage it. of I'd stayed in teaching and husband had a normal job we'd be fine but that's not often how people's lives map out anymore.

Husband and I are both bright but really haven't a clue pension wise . It scares me.

And people change jobs every few y ars or are low paid etc etc.

It's just an ad for a ( financial ) product.

Mumsnet make money out of advertising this way.

I would take it with a pinch of salt- like the Haribo ad (which is much more enjoyable to watch)

Thing is people's lack of pensions is a time bomb. It'll be a massive divide between the haves and the have nots. A depressing picture in yet another part of our society

There already is a gap. E.g. between those of us, class B citizens, in rented flats and those I'm their own houses.

I reckon when it's time and I'm too poorly and old - opioid overdose should be a nice way to go. Leave what I have to DS. Tryy best to pay off my debts before I die.

yes that's why I said 'yet another part of our society'. Pension are just another example. Ironically, saving for kids and parental provision is the same. This is also why inherited money is toxic for society, but you will NEVER get that to be widely accepted.

Husband and I are both bright but really haven't a clue pension wise

Then educate yourself! You have no excuse given you are a self proclaimed intelligent high achiever.

Head in the sand isn't a good approach.