Why losing your job shouldn’t mean losing your pension
Blogs on 7th September 2020
Original article can be found here
In such uncertain times the threat of losing financial assets couldn’t be worse
Unfortunately, every other day brings news of further job cuts in the UK. The country is now officially in recession and many of Britain’s biggest companies are already feeling it. Debenhams, Marks & Spencer, British Airways and Pizza Express (to name a few) have all announced thousands of redundancies. This will likely get worse as the Bank of England expects the jobless rate to hit 7.5% by the end of the year.Unsurprisingly, this is impacting how Britons feel about their job security. Recent research by Gretel found that four in 10 working Brits (39%) do not feel fully secure in their current job, with one in 10 (9%) revealing they have already had to take a pay cut or work reduced hours to secure their job.This is especially the case for younger people whom our research found to be particularly vulnerable to job insecurity. Our survey findings show 11% of 18-34 year olds have had to take a pay cut or work reduced hours, with 4% admitting they had already lost their job.
Redundancy is a confusing and upsetting time, which is why life changing events like this have led to over £50bn being misplaced by the British public.
You read that right.
As remarkable as it sounds, over £50bn has been forgotten or overlooked by Brits, now lying scattered around in pensions, bank accounts, child trust funds and other similar assets.
Life is complicated and messy, which is why so many of these accounts slip through the cracks and become known as ‘dormant assets’ (especially during things like divorce, house moves or career changes). Tellingly, only 9% of Brits told us they had had experienced no life changes that could make them susceptible to losing money.
Thankfully, it is now much easier for people to find their dormant assets. Whether you are unemployed and want to know how much you have in dormant assets to help with the bills, or you are just generally wary about losing control of money as you go through life, you could turn to Gretel.
Gretel is a new and free service specifically designed to help connect people with their dormant assets. This simple and easy-to-use solution uses state of the art technology to automatically match people with their money – wherever it is! Millions of Brits have money they forgot they had, are you one of them?