Typical fuel bill £2800 a year from October is
A third of state pension
58% of DLA/PIP for disabled people
70% of Universal Credit for single adult
88% of UC for single <25 adult
17% of net pay from full time work on Living WageFuel poverty is spending 10% of income on energy
— Paul Lewis (@paullewismoney) May 24, 2022
This topic was not discussed at today’s investment conference. That is because people in poverty are not considered investors. But they are investors.
They are the 11m new savers into workplace pensions whose money pays the wages of the asset and pension managers who attend conferences such as #PLSA2022.
They are the silent majority who we learned today can wait for proper pensions and live off a diet of second rate guidance and , if they are lucky – investment pathways. For the rest thee are default funds that default into cash and gilts and offer members little prospect of a pension. We heard today that these people can wait. They are not a priority.
Speaking to Sarah Smart Chair of the Pensions Regulator , we discussed the takers of the investment risk being discussed. I am not sure it is morally right to take payroll deductions from people who are struggling to heat their home or feed their families.
The PLSA investment conference has no concern for these issues. it is concerned with finding new ways to access returns from the market. Nothing wrong with that – so long as the conference recognises who the customers are.
Typical fuel bill £2800 a year from October is
A third of state pension
58% of DLA/PIP for disabled people
70% of Universal Credit for single adult
88% of UC for single <25 adult
17% of net pay from full time work on Living WageFuel poverty is spending 10% of income on energy
— Paul Lewis (@paullewismoney) May 24, 2022
Paul Lewis