Martin Lewis appeared on This Morning to discuss the fears of Britons who worry their pension my be affected by Brexit.
Brexit has caused the UK market to become much more volatile, and the pound is experiencing a long term slump since the Brexit announcement.
Two years ago the UK currency was at around €1.539 to the pound, and now currently it is at €1.288.
So what does this mean for the pensions of UK nationals?
Martin Lewis claims you needn’t worry – provided you will be not be about to start collecting your pension any time soon.
He told Holly Willoughby and Phillip Schofield in the ITV show: “Pensions move up and down all the time, it’s just like house prices, the only day that really matters is the day you sell, when you cash it in.
“So yeah, your pension has dropped because the FTSE’s dropped, the FTSE may go up again.”
The Money Saving Expert claimed that only people who are cashing in on their pensions on a day when the markets are doing badly need to worry.
He said: “It’s just a paper drop, and markets move everyday. They’re swinging bigger at the moment, they’ll stabilise, they may go down, they may go up, but that’s what you do when you put money in a pension.”
He explained: “It’s an investment. It goes up, it goes down and you hope for the long term it will work well for you.”
Martin also recently revealed what you need to do to make the most of your state pension.
He recommends that Britons save up extra money to boost their pension to avoid poverty in later life.
The amount is a large chunk of Briton’s earnings – and you should be saving as soon as possible, the money expert claims.
He suggests Brits save for their pension as early as age 20.
Martin said: “The most important thing is to start putting money away as soon as possible in your 20s, not even in your 30s, if you can.”