What the election result means for your finances

Well, I don’t think anyone expected that, least of all Theresa May. As the country picks over the result of the general election, financial experts are weighing up what it means for our money – and it’s not good news. Faith in the economy has been shaken, share prices for housebuilders and retailers have fallen, and the pound is down against the dollar and the euro. None of this makes for positive reading when it comes to disposable income. Pensions ‘A hung parliament is the worst possible outcome for pensioners and people saving for their retirement,’ says Tom Selby, senior analyst at AJ Bell. ‘We will now have a period of limbo while a new government is formed and we may well be heading back to the polls later this year. It means that key decisions around the state retirement age, the state pension triple lock, social care funding and pension tax relief are all going to take a back seat while the wheels of Westminster slowly turn.