A report in industry newspaper, Financial Adviser, has said that Virgin Money are suggesting that Grandparents 'wisdom' will serve children and young adults better in terms of getting then to save for retirement rather than simplifying the pension rules (Pension Simplification due April 2006).
Our view
Headline grabbing but no substance. Yes, we agree that family members do influence people's attitude - but the real influencer is press and media. Grandparents did not pay into pensions substantially in their younger days so why will they advise their grandkids to do the same?
Why will they all of a sudden stop buying their grandchildren chocolate bars or treats? It will not happen!
The only way is consumer education and simpler products.