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Since the start of 2022, the Bank of England has raised the base interest rate 13 times. So it’s no surprise that savers are reconsidering where to put their money. Cash savings are easily accessible but may lose value due to inflation. Meanwhile, pensions offer potential long-term growth but lock away funds until retirement.

This month on The Pension Confident Podcast we’re talking about the pros and cons of pensions and cash - how can you make the most of both? Join our host, Philippa Lamb, and our expert panel as they discuss building an emergency fund, making the most of your cash savings and saving for retirement.

• Founder and CEO of Boring Money, Holly Mackay; and
• PensionBee’s VP Product, Martin Parzonka.

 

Episode Breakdown:

01:36 How does inflation eat away at our money?

02:52 Shopping around for the best rate

07:44 Building an emergency fund

10:51 State benefits that are impacted by savings

11:57 What are the rules on cash savings?

16:39 Small steps to save for your future

18:26 Are pensions ‘hot’?

22:36 The case for personal pension saving

 

Further reading:

To learn more about where you could put your savings, check out these articles and podcasts from PensionBee:

• Episode 29 transcript
• 5 lessons my cashflow catastrophe taught me
• 5 ways to protect your pension income against inflation
• How to diversify your pension investments
• Pension pot or cash savings - which is best?
• Should I pay my bonus into my pension?
• What income would a £100,000 pension pot give you?
• Will taking my pension affect my benefits?
• Your guide to Lifetime ISAs (LISAs) and pensions

 

Other useful resources:

• Emergency savings – how much is enough? (MoneyHelper)
• How does inflation affect pensions? (PensionBee)
• Should I have a savings account or pension? (MoneySuperMarket)
• What to do when interest rates rise (PensionBee)
• With cash earning 5%, why risk money on the stock market? (Schroders)
• Women’s lack of confidence widens gender investment gap (Financial Times)

 

Catch up on the latest news, read our transcripts or watch on YouTube:

• The Pension Confident Podcast
• The Pension Confident Podcast on YouTube

 

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