With the turn of the tax year on April 6, regulatory changes will take place which will impact ordinary Britons’ and their livelihoods. One such change this year relates to the State Pension, and a survey by Consumer Group Which? of people approaching retirement age indicates the many are ‘confused’ by the changes.
Meanwhile an HBR focus group of people in their twenties indicates that there will be no change on April 6. “I was confused before and I’m still confused now” says Marketing Executive James. “Should I start saving now? How much will I get back? When is what taxed and why? I’m none the wiser.” Meanwhile Accountant Anna is at a loss: “I make these monthly contributions out of my salary, but I couldn’t for the life of me tell you where they went. Who has my savings and what does employer-matching mean anyway?”
So while these changes may be disorientating for the older generation, for the young it is business as usual.