We live in a world today, where governments throughout the world are printing money. They`re literally creating money from thin air, that is not backed or secured by any asset whatsoever. Most first world governments have so much debt that if their financial position, their A&L statement were ever to be assessed by any rational standard, then they would be declared insolvent.
After the 2008 global financial crisis and all the shenanigans that went on and are still going on within the banking industry, where next to no banks or individuals were ever prosecuted but instead, were all given major bailouts, including recently substantial bailouts with this Covid-19 plague and at the same time, are now only guaranteeing savings to £85K, EU €100K etc. How can anyone possibly have any confidence or trust in our banking system?
The pension model was birthed from the industrial age. It was founded on the principle of the perpetual cycle of humans starting work at 16/18 years old, contribute part of their income into a pension until retirement at 65. However, this dynamic is no more. Globally “Baby Boomers” are retiring in mass, while millennials are either at Uni, unemployed, entrepreneurs or wanting to retire now, all of which do not contribute to pension companies.