Mug, kettle, pension…

As a mother of teenage children, I have been discussing with their grandparents (who know about these things) the best way to prepare the girls for leaving home. And along with teaching them to cook and use a washing machine, we have been talking about pension planning.

With all the scandals and mismanagement of pensions over the last 20 years, it is difficult to know which way to steer them. One thing’s for certain – state pensions are unlikely to be an adequate source of income for them when they retire, maybe in their 70s.

So what are we thinking? Telling them to start a pension at the same time as their first job and stick at it no matter how hard it is to juggle rent and student loans. Will our children be the only ones being told to ditch clubbing in order to save for their future lives half a century away? And how realistic is it to expect them to do so? Only time will tell.