Press Release


New Survey from Next Generation of Financial Services Looks Into recommendations to promote a Saving and Investment Culture



Monday 9th December 2019



PIMFA – the trade association for the investment services and financial advice industry has today (9th December) released their latest Under 40 Forum Survey, entitled ‘Future focus: building savings and investment policy for the under forties’, which is available to read here.

The newly rebranded forum, which was formerly known as the Millennial Forum, is now in its fourth year, and made up of 47 rising stars within the industry from across the country, job areas and with an even gender split. The Under 40 Forum was created by PIMFA to help generate new ideas for specific challenges that impact the sector with younger members from within the industry and to encourage and inspire a new way of thinking to help develop a culture of saving and investment in the UK.

This year’s research initiative began in January 2019 with firms across the PIMFA membership nominating staff, under the age of 40, for their skill, knowledge and progressive thinking. The focus this year was to examine the levers and pulleys of Government Policy with recommendations on five self-nominated topics: Social Impact Investing, Financial Education, Short-Term Saving & Investment, Pensions and Inter-generational Wealth.

The Under 40 Forum members presented the findings from their research conducted throughout the year from surveys sent to over 4,700 participants including roundtables with experts and secondary research at an event attended by leading industry professionals hosted by KPMG last week.  Their findings are outlined in their report.

The black team* presented their findings on short-term savings and investment, stating that the most important factors to people regarding savings is that people wanted to see growth, have easier access to their money and security.  They also underlined that savings levels in the under 30’s is falling (41% in 2018/2010 as opposed to 53% in 2014/18). They highlighted a greater need for transparency and education around financial products and services and suggested a ‘Payroll ISA’.

The red team* focused their presentation on financial education and reported that 62% of their respondents would save more if they understood financial decision making better and only 4% said they attained financial knowledge from school versus 58% from their employers. The team proposed that beginning financial education in the school curriculum at earlier stages of learning, such as pre-school, and then incorporating throughout the education lifecycle is key to change, suggesting support from government was essential to change the existing spending, debt and savings culture.

The blue team* focused on social impact investing (SII) and stated that the importance of pension investment, transparency and the public’s knowledge of what is readily available to them was key to improving the UK’s saving culture. They reported only 37% knew what SII was and only 18% were currently involved in SII – with renewable energy and healthcare resonating most highly with respondents. In addition to lack of knowledge, they also identified a lack of capital and/or liquid assets as a potential barrier in this area and suggested a ‘SIISA’ (Social Impact ISA) as a potential solution.

The yellow team* presented on ‘intergenerational wealth and how to close the gap’. They highlighted that based on the UK’s aging population and current level of funding, the National Insurance fund will be wiped out within the next 14 years (2033), and contributions would need to increase by 5% to sustain current level of spending.  From their research the team reported that 73% of respondents believed that it shouldn’t be the sole responsibility of the state to fund social care, however, 50% didn’t think they could afford to save enough for a comfortable retirement and only 8% considered themselves financially literate. Proposed solutions from the group included means testing state pension benefits, nationalising social care, increasing the role of the Care Quality Commission and working to improve financial literacy across the UK.

The green team* presented their findings on long term savings and investing. Their research clearly showed that short term goals were prioritised and they named ‘affordability’ as one of the biggest blockers when millennials consider saving into a pension. The study further showed that 59% of respondents did not know if their pension would meet their retirement living requirements. The group proposed that making advice more accessible, understandable and highlighting the value of advice as key to promoting a long term savings culture.

PIMFA CEO Liz Field said:

“I would like to thank everyone who participated in our Under 40 Forum this year from our subject matter experts to our hosts KPMG and the Under 40 Forum Council, but in particular I would like to offer my congratulations and thanks to the Forum Members themselves. Each of the five groups have worked tremendously hard. They have spent the last year researching the saving and spending culture in the UK and produced definitive findings, to help all key stakeholders understand the next generation’s needs and attitudes, and suggested changes and requirements that could help transform future policy and the industry.

Financial education was the biggest key factor consistently raised by all teams and we will continue to work with the industry and government to help improve transparency and create a better understanding of what the sector does and the value it can have for individuals and their families.

The information gathered this year will be used in our further research,  at our upcoming parliamentary day and at government meetings to explore ways we can work together to help individuals learn, develop and plan for their financial futures.’



The full Under 40 Forum Survey is available to read here and on the PIMFA website.







Notes for Editors

PIMFA Under 40 Forum Members 2019:


Red Group

  • Aedin Watts – Investec Wealth & Investment
  • Charlotte Swing – Cazenove Capital
  • Endrit Gashi – Deutsche Bank
  • Erin Lloyd – Brewin Dolphin
  • Franziska Wentzlau – Killik & Co
  • Hannah Witkowski – Raymond James
  • Julian Bradshaw – Smith & Pinching
  • Kean Wong – Coutts
  • Luke Morris – Royal London

Black Group

  • Ben Palmer – Brooks Macdonald
  • Bethan Crowley – HSBC
  • Chris Murray – The Share Centre
  • Christopher Barrett – JM Finn
  • Gregor Sked – Royal London
  • Mridula Ranjan – Coutts
  • Sofia Shek – CityAsset Management
  • Tom Herrington – Brooks Macdonald
  • Wanita Isaacs – Orbis Investments

Yellow Group

  • Heidi Sparkes – Wise Investment
  • James Arthey – Barclays
  • James Boutler – Investec Wealth & Investment
  • Mark Goodman-Walsh – Rothschild & Co
  • Mehareen Ali – Kleinwort Hambros
  • Natasha Osborne – The Share Centre
  • Pamela Lowney – Coutts
  • Yann Hirsig – Deutsche Bank

Blue Group

  • Ashleigh Calderwood – Coutts
  • Katherine Leptos – SEI
  • Louise McEveley – BNY Mellon|Pershing
  • Lucey Field – Royal London
  • Mattew Baldwin – Brown Shipley
  • Miriam Roos-schmid – Deutsche Bank
  • Peter Lansdowne – HSBC
  • Samantha Pocock – Raymond James
  • Sarah Young – Coutts
  • Tricia Lucey – Brown Shipley

Green Group

  • Ashley Mascarenhas – Deutsche Bank
  • Charlie Walker – LSEG
  • Gemma Farley – Openwork Ltd
  • Kerry-lee Bayne – Deutsche Bank
  • Lucy Hodgson – Ruffer LLP
  • Paul Foster – Coutts
  • Sam Dipper – Ruffer LLP
  • Sophie Jowett – Brooks Macdonald
  • Wesley Harrison – Investec Wealth & Investment
  • Zigi Cooper – Coutts


About PIMFA – The Personal Investment Management & Financial Advice Association

  • PIMFA is the leading trade association for firms that provide investment management and financial advice to everyone from individuals and families to charities, pension funds, trusts and companies.
  • PIMFA represents both full and associate member firms. Full members provide a range of financial solutions including financial advice, portfolio management, as well as investment and execution services. They assist everyone from individuals and families, to charities and pension funds, all the way to trusts and companies.  Associate members provide professional services to the PIMFA community.
  • PIMFAleads the debate on policy and regulatory recommendations to ensure that the UK remains a global centre of excellence in the wealth management, investment advice and financial planning arena.  Our mission is to create an optimal operating environment so that its member firms can focus on delivering the best service to clients, providing responsible stewardship for their long-term savings and investments.
  • PIMFA was created in 2017 as the outcome of a merger between the Association of Professional Financial Advisers (APFA) and the Wealth Management Association (WMA) with a history as a trade association since 1991 – read more.
  • Further information can be found at
  • To become a member of PIMFA for access to training, benefits and discounts, please visit or contact us directly at



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