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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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ENTRUST INTRODUCES ADAPTIVE ISSUANCE™ PRODUCTION ANALYTICS SOLUTION TO OPTIMIZE CARD ISSUANCE OPERATIONS

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The new solution provides intelligent, data-driven insights to card issuers with Central Issuance systems for improved and timely management decisions

 

Entrust, a global leader in trusted identity, payments and data protection, today introduced the Production Analytics Solution, designed to provide real-time data and actionable insights to optimize card issuance operations. The solution is part of the Entrust Adaptive Issuance software platform trusted by banks, governments and other organizations worldwide.

With the complexity of card issuance environments and lack of real-time visibility into production system operations, card issuers have difficulty effectively overcoming efficiency challenges across the production ecosystem. Entrust has leveraged more than 50 years of expertise in the card issuance market to develop a platform that will provide the intelligent data and expert support needed to master operational planning for the alignment of people, equipment and processes, positioning card issuers as leaders within the industry.

“Card issuers are in search of solutions that help bring efficient continuous process improvements and optimization to the production floor,” said Dan Good, Vice President, Payment and Identity Issuance Solutions at Entrust. “The Entrust Production Analytics Solution was developed by the same engineers that built the systems it supports. And, we’ve gone a step further to provide one-on-one consultation to our customers, allowing them access to our team of experts to help identify and remove bottlenecks, increase operational efficiency and reduce production costs.”

 

How it works

The Entrust Production Analytics Solution collects information directly from the Central Issuance systems on the production floor and converts it into a dynamic dashboard of data for in-depth analysis. It offers point-and-click drill down capabilities to refine the accumulated data over any time interval, and the data can be shown in a variety of ways to see the most appropriate insights for the operation.

Key features and benefits of the subscription includes:

  • Real-time, actionable data collection that supports SPC (Statistical Process Control) methodology to monitor production statistics and trends for immediate problem solving
  • Regular industry expert engagements that will provide in-depth analysis of data and actionable recommendations for card issuer efficiency improvements

Regular software updates and new features

 

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UK READY TO SPEED UP THE DIGITAL TRANSFORMATION REVOLUTION

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More than half of businesses set to accelerate projects due to pandemic

British business is set for a digital revolution according to a survey which indicates that 56 per cent of companies are speeding up plans because of the pandemic.

With so many employees working from home, and a battle to get back on track after a year of turbulence, businesses are realising their processes and systems are potentially outdated and in need of an overhaul.

The survey, commissioned by Crown Records Management, revealed:

  • 32 per cent are planning digital transformation in the next 12 months to cope with the new normal.
  • A further 24 per cent plan to act within five years.
  • 66 per cent say the pandemic has made the C-Suite in their business recognise the importance of digital transformation.
  • 30 per cent say allowing employees to work at home efficiently is now a key driver for digital transformation.
  • 27 per cent do not view their business as having already ‘gone digital’.
  • Only 26 per sent say they have already fully digitised all their back-office functions.

David Fathers, Regional General Manager at Crown Records Management, said: “There was already a big desire from UK businesses to develop a digital strategy even before the pandemic, driven by a demand for improved data security and a need to be more competitive in the market.

“But these survey results show that companies now want to increase the pace of change because of the events of the last year.

“Having so many employees working from home has shone a light on the inadequacies of systems currently in place in many companies, of all sizes. Employees have found that information has been difficult to track down and slow to access.

“There’s a myth that Western countries such as the UK are so far ahead in the digital field that most businesses have already undergone digital transformation.

“The survey showed that only a quarter of businesses have fully digitised all their back-office functions, which means there is a long way to go.”

The survey, undertaken by Censuswide, polled 401 decision makers at companies across the country with between 250 and 5000 employees.

David Fathers added: “We also asked whether people considered their business as having already ‘gone digital’ and surprisingly 27% said ‘no’.

“That figure was even higher in London at 30% and highest of all in companies of between 250-500 employees – at 46%.

“It is vital that businesses begin the digital journey soon. The benefits are compelling.

“Digital solutions can help a business become more efficient, save time and money, and make it simpler for employees to do their job – and that’s even before we begin to think about compliance and data security, which are huge business issues in the modern world.

“Perhaps it has taken the pandemic for some boardrooms to wake up to the importance of digital transformation, but if the intentions set out in this survey become reality, it can only be a good thing for UK business.”

 

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