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ONE IN FIVE UK TRADESPEOPLE BELIEVE THEY’LL NEED TO WORK BEYOND STATE PENSION AGE

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  • Male tradespeople are three times more likely than women to work past the age of 66
  • One in eight (13%) older tradespeople (55-64s) have no financial plan for retirement
  • Painters and decorators are the most likely trade to work beyond state pension age
  • Finance expert shares advice for tradespeople on how to prepare for retirement

A fifth (20%) of UK tradespeople think they will have to keep working beyond the state pension age of 66, new research has revealed.

The study1, conducted by IronmongeryDirect, the UK’s largest supplier of specialist ironmongery, surveyed 500 tradespeople about their plans for retirement and found that a large proportion are pessimistic about their chances of finishing work when they hope to.

One in ten (10%) say that they will definitely have to continue working for longer than they’d like and a quarter (25%) think it’s a possibility.

This is most common amongst male tradespeople, who are nearly three times as likely as tradeswomen to think that they’ll have to work past the age of 66 (29% vs 10%). Furthermore, 7% of men see themselves working beyond 70, compared to just 2% of women.

Even those approaching typical retirement age aren’t sure whether they will be able to hang up their tools when they want. Over a third (36%) of tradespeople aged between 55 and 64 say that they might have to carry on working longer than they intend.

Worryingly, more than one in eight (13%) workers in this age category have no financial plans for retirement. Less than half of 55-64-year-olds have a personal (49%) or workplace (46%) pension, despite being in the twilight stage of their careers.

This is in stark contrast to younger tradies, who appear to be preparing far earlier for retirement than their older colleagues did. In fact, 18-24-year-olds are the most likely to have some form of financial plan for their post-work lives, with almost three-quarters (73%) having a personal pension.

Furthermore, millennials (25-34s) put away the most money each month towards their future. While the average UK tradesperson saves £390 a month, millennial workers keep back an impressive £509 for their retirement fund.

This also varies by trade, with plumbers (£451) and carpenters (£438) putting away the most each month, and landscapers the least (£265).

Some trades are also more likely to have to delay retirement than others. Painters and decorators are the most likely to work beyond state pension age, with 30% feeling that they won’t be able to retire until after 66. They are closely followed by electricians (29%) and landscapers (25%).

The trades that are most likely to think they will have to work beyond state pension age are:

1) Painters and decorators – 30%

2) Electricians – 29%

3) Landscapers – 25%

4) Joiners – 23%

5) Builders – 19%

In contrast, bricklayers are the most confident that they’ll retire early, with a staggering 94% believing they’ll finish working before they reach 66. On average, brickies think they’ll retire at the youthful age of 56 and they are the most likely trade to think that they’ll be able to step down when they want (89%).

However, it is builders who are most likely to retire before they reach 50, with a staggering 12% believing they’ll have finished working by this milestone.

Whichever trade you’re in, it’s important to plan for your retirement and George Stainton, Senior Wealth Manager at Hoxton Capital Management, has shared his advice:

  1. Get into the habit of saving for retirement early in your career, as it will make life much more comfortable as you get older
  2. Ensure you contribute to your full 35 years of National Insurance so you are entitled to a full state pension
  3. If appropriate, consider delaying your retirement for a couple of years to have enhanced pension income and further compounded investment growth

Dominick Sandford, Director and Head of Merchandising & Marketing at IronmongeryDirect, said: “There comes a time when everyone has to think about life after work and it’s encouraging to see that so many young tradespeople are already putting money aside for their future.

“However, it’s concerning that many older workers have few or no financial plans for retirement. There are lots of ways that people can prepare, regardless of how old you are, so we’ve partnered with experts to share helpful tips for tradespeople on how to boost your finances for the future.”

 

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Volante Technologies Recognized as Market Leader in Omdia Universe: Selecting a Payment Hub, 2021-22 Report

Cloud payments company scores highest mark for solution innovation capabilities and strategy

Volante Technologies, the global leader in cloud payments and financial messaging, has been recognized as a Leader in the Omdia Universe: Selecting a Payment Hub, 2021-22 global survey.

In preparing the report, Omdia, the analyst division of Informa, performed an in-depth review of the market and ranked vendors based on a matrix of key capabilities, attributes, and features. The comprehensive process incorporated in-depth client and vendor interviews, and is designed to help C-level executives, payment heads, and IT directors select the payment hub platform that will enable their payment modernization ambitions.

The report states that Volante has been recommended as a Leader “thanks to its co-innovation capabilities.” It highlights “the speed that the payment hub can be implemented” and “the maturity of Volante’s cloud capabilities” along with its “particularly strong low-code integration layer” as contributors to the ranking. The report concludes, “Volante scored the highest mark for its solution innovation capabilities and strategy / product roadmap.”

Philip Benton, Senior Analyst – Financial Services Technology at Omdia, said: “Volante Technologies earned its place as a recommended leader thanks to a combination of genuine innovation and the provision of services which allow the company to deliver significant payments efficiencies to both small and large institutions.”

John Farrell, SVP Global Product Management at Volante, said: “We are delighted to have been awarded the top ranking of leader by Omdia. This recognition vindicates our strategy of working as a trusted partner to our customers, and helping free them from the limitations of legacy systems through modern cloud-native payments solutions.

“With 75% of our staff in research and development, we intend to continue investing in our products to maintain our leadership position, and continue delivering outstanding results to our customers.”

 

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ARTERIA AI SET TO ACQUIRE H4’S FINANCIAL SERVICES BUSINESS ASSETS

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H4 Chairman and Co-founder Joe Seifert to join Arteria AI as senior advisor

 

Arteria AI, an award-winning global leader in enterprise digital documentation, has agreed to acquire certain financial services assets of H4, an award-winning contract lifecycle management platform.

As part of the agreement, H4’s Chairman and Co-founder Joe Seifert will join Arteria AI’s team as a senior advisor.

Shelby Austin, CEO of Arteria AI, said: “This is a very exciting time for our business as we set out to unleash the power of data to help global financial institutions solve their client documentation challenges at scale. Since spinning out of Deloitte we have continued on an incredible growth journey accelerated by the market’s clear preference for data-first solutions.”

“It is a strategic decision for us to acquire certain financial services assets of H4 to expand our reach and super-charge our efforts. Joe Seifert will bring invaluable experience and expertise to our team.  We look forward to working together to provide an unrivalled, data-first client documentation solution for global financial institutions.”

Joe Seifert said: “Arteria AI and H4 cover most of the top-tier of the financial services market and it made perfect sense to join forces. Having spent time with Shelby and the team, I’m very excited that the combination will support Arteria AI’s position as a leader in digital documentation transformation across the global banking sector.”

Arteria AI works with the world’s largest banks to accelerate their client documentation processes at scale.  From document generation through signature and beyond, Arteria uses context-specific AI, data, analytics and automation to ensure that stakeholders across the bank are able to serve their clients more quickly.  This can be a key factor in driving additional revenue and minimizing risk and cost.

The company’s co-founders Shelby Austin, Abrar Huq and Jonathan Wong have more than 30 years experience within the documentation space and were leaders within the AI community prior to launching Arteria AI in October 2020.

H4 will focus on its offering for the corporate market, outside of global banking. Rob Fagg, CEO, and Andy Byrne, COO, have agreed a management buyout of H4, continuing their roles and becoming co-founders of the new business. Joe Seifert will remain a minority shareholder in H4.

 

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