Do you have a pension other than a state pension? If yes, you can’t be excused.
Oh yeah? Why exactly, given pensions put money into the system? I’ll actually cite my pension being stuffed as one of the main reasons I’m a victim. You can’t blame me for what pension fund managers might have chosen to do.
And there is a hugely simplistic view of the whole “I’m not to blame” argument.
Ok, so you have a pension fund. You want your pension fund to grow at a certain rate, one that is more than you could expect to receive if you compounded the savings and interest in a readily available account. If you didn’t, you would have put the money in savings surely, as you’d have made more? Taking it simplistically, regardless of whether you personally chose those pension fund managers, that’s the expectation else there’s no significant other reason to have a pension fund.
Now, these pension funds are used to add money to the system which in turn facilitates loans to be made which gain a marginally higher return which is the profit for the banks and companies that use this money.
With only a certain number of high quality loans available, in order to sustain this demand, lower quality loans were taken on board, and when those began to default, the knock on became obvious.
The only reason this was not apparent sooner, and therefore with lesser impact was the free money the US and developed world were receiving in return for lower, but perceivably safer than domestic investments, from the growing economies of China and other primarily Tiger economies. This created an artificial state which couldn’t be sustained in the long-term.