Standard Life CEO: British Aren't Sufficiently Financially Literate

About this episode

Andy Briggs discusses financial literacy, pension reform, and investment risks in the context of current global events.

(Episode 37) Andy Briggs, chief executive of Standard Life, joins the Big Boss Interview to discuss the war in Iran, pension reform,and the growing risk that millions of people are not putting enough aside for later life. Briggs says pension savers should not panic about the conflict in the Middle East, arguing that most economists expect short-term volatility rather than lasting structural damage to investments. Standard Life, which looks after 12 million customers and manages more than £300 billion in assets, believes pensions should be viewed over decades. Workplace retirement saving continued through COVID, the Ukraine inflation shock and the Liz Truss mini-budget fallout, because contributions are taken from gross pay before workers see their wages. Briggs addresses concerns about a potential AI bubble, noting that much of the funding flowing into artificial intelligence is now debt-based, which could create risks if companies fail to generate sufficient cash to service that debt. The new Pension Schemes Act — the biggest overhaul of the sector in more than a decade — has his broad support, particularly the push for greater scale and investment in productive assets such as…

People in this episode

Guest: Andy Briggs

Topics covered

• financial literacy
• pension reform
• investment risks
• artificial intelligence
• retirement saving
• economic volatility

Keywords

• financial literacy
• pension reform
• investment
• artificial intelligence
• retirement saving
• economic volatility
• Standard Life
• UK pensions
• private assets

Mentioned in this episode

Organizations: Standard Life

Books & works: Pension Schemes Act

Places: Iran, UK, Canada, Australia

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