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lisyloo

If RPI is miniscule, then presumably interest rates will remain at all-time lows

err no.....I think you've got that wrong.
Interest rates would go up if inflation was lokoing like going BELOW the target range.

Which product has a 1.5% bonus please?

harrumph_2

Yet again, the banks win. The Government has bowed to pressure from the banks because they were losing too much money to these inflation protected means of saving.

Now the "little person" has no option but to see their savings diminish as inflation eats away their value. No bank is giving rates even close to the current inflation rate at 5.3% and anything below is a loss.

I am so furious - my husband and I are approaching retirement and need to save every penny we can as we have lousy private pensions. (Equitable Life). Over and over again we have been shafted by the financial services industry which is nothing more than legalised robbery.

I now see that those who spent, spent, spent over the last 10 years or so will be the winners in the end as they will see their debts reduced by inflation.

I feel like we have been such fools.

lisyloo

has no option but to see their savings diminish

Rubbish.
There are plenty of options - property, golds, stocks & shares are a few that spring to mind.

I can understand you only being restricted to savings in you were 90 years of age, but at your age, why can't you look to other things???

No-one is forced to save (with the expection of those in their 80s and 90s perhaps).

Don't balme others for your mistakes.

dunstonh

Yet again, the banks win. The Government has bowed to pressure from the banks because they were losing too much money to these inflation protected means of saving.

NS&I has ALWAYS had to balance its position in the market on the basis of unfair competition. This is nothing new.

Now the "little person" has no option but to see their savings diminish as inflation eats away their value.

What has the size of the person got to do with anything?

Savings have always been more or less in line with inflation. Sometimes a bit above, sometimes a bit below.

No bank is giving rates even close to the current inflation rate at 5.3% and anything below is a loss.

5.3% was a historical rate. You would have to be invested over 12 months ago to get that. So, pulling them now temporarily doesnt mean you have lost out on 5.3%. If you were that concerned about things you would have already subscribed to the last issue and the others prior to that.

my husband and I are approaching retirement and need to save every penny we can as we have lousy private pensions. (Equitable Life).

Why havent you done anything about the pensions then? Plenty of other decent ones out there.

Over and over again we have been shafted by the financial services industry which is nothing more than legalised robbery.

Yawn.

Sorry but I have no sympathy. Your post just reads of someone that prefers to rant rather than take control of their finances.

lisyloo

Your post just reads of someone that prefers to rant rather than take control of their finances.

Absolutely.
I have 5 pensions and I'm 42.
Also gold, stocks & shares, NSI, property.
That's called taking control and responsibility.

I'm sure not all my investments will be brilliant.
Some will fare better than others.
But I am diversified and protected from the failure of one company or even one asset class.

No-one has a god given right to brilliant savings rates whilst taking no risk.

I do understand that people in their very latter years (90s) might not want risk, but they should have prepared for that in earlier years.
It's not exactly shocking news that you're going to get older.

[Deleted User]

lisyloo wrote: »

Rubbish.
There are plenty of options - property, golds, stocks & shares are a few that spring to mind.

I can understand you only being restricted to savings in you were 90 years of age, but at your age, why can't you look to other things???

No-one is forced to save (with the expection of those in their 80s and 90s perhaps).

Don't balme others for your mistakes.

You are the one speaking rubbish. For goodness sake, how many people are ABLE to deal in gold, property, stocks etc, all of which are very risky cash alternatives. The rug has been pulled away from very many people.

I shall give you another user name, m/s bragger-smug

dunstonh

kittie wrote: »

You are the one speaking rubbish. For goodness sake, how many people are ABLE to deal in gold, property, stocks etc, all of which are very risky cash alternatives. The rug has been pulled away from very many people.

I shall give you another user name, m/s bragger-smug

Kittie, I dont think lisyloo was saying it in that respect. I read the post as an indication that you can do alternatives. (although I agree, that more conventional options would be better for most rather than gold and physical property).

Sasso_Palmieri

Exactly. Unless you're on top of the markets and have real experience, dealing in gold, property, art, stock or whatever is seriously risky. It's tantamount (if not equatable) to gambling - the results can be as disastrous as they can rewarding.

Most people don't sink their cash into these kinds of investments, so bleating about your portfolio just makes you a braggart.

penrhyn

Psst, anyone want to buy some Cocoa beans?

lisyloo

For goodness sake, how many people are ABLE to deal in gold, property, stocks etc, all of which are very risky cash alternatives.

No.
Most people do invest in these things, through their pension.
They are not all risky.
You can get a "cautious" portfolio if you want (although if you are young with 40 years to retirement it's not necessarily the best option). This isn't rocket science or braggin it's what millions do with their pensions.

I don't consider myself a sophisticated investor.
I pay someone else to manage my stocks & shares.
I'm not educated (or particualry insterested) in that area, so I let someone esle do it. Of course I have to pay them a little for doing that (0.5% if you're insterested).
ANYONE can do it and MILLIONS do via their pension scheme.
To say it's braggin when millions do it, is just ridiculous.

Most people don't sink their cash into these kinds of investments, so bleating about your portfolio just makes you a braggart.

Utterly ridiculous.
MIllions of peple in thiis country (probably tens of millions) are invested in pension funds.
So sorry you are just plain wrong.
Most people DO and an awful lot have equity in their homes as well.

Unless you're on top of the markets and have real experience, dealing in gold, property, art, stock or whatever is seriously risky. It's tantamount (if not equatable) to gambling - the results can be as disastrous as they can rewarding.

Complete rubbish.
I'm not on top of the markets neither are millions with a pensions.
I pay an expert in the are, like I do if I need a car mechanic or a plumber.
We're not all experts at everything.
Where's the bragging in that.
If doing financial plannign is bragging then I'm pleased to a braggart and have a better retirement than others - na na na na na :-)

Yes the results can be disastrours as for harrumph, but that's because they made a mistake going with a single company not because the whole idea is bad.

If you want to make me the scapegot instead of NSI or the gubmint then go ahead.
But you really would be better off putting your efforts into planning your finances, than pointlessly ranting.