Why the BBC roadshow meets a need

Money Matters By Kevin Peachey Personal finance reporter, BBC News, Glasgow

A day after a semi-dressed dance group from a TV talent show entertained a crowd in an East Kilbride shopping centre, it is the turn of Scottish shoppers' personal finances to be laid bare.

The BBC Money Matters Roadshow has come to the Buchanan Galleries in the heart of Glasgow to allow people to discuss with a selection of experts how they are coping in the downturn.

Experts on tax, mortgages, benefits, debt, pensions, small business and shares have all been taking questions from the public during the day.

I doubt I'll be getting another job, even in Tesco because everyone is applying there Steven, Glasgow

But it is for savings and investments advice that a queue had formed, snaking its way along the balcony on the upper level of the sleek shopping centre - with many keen for reassurance that their money is working for them.

The same subject proved popular at the last Money Matters Roadshow in Manchester in February.

Then, as tremors were being felt across the financial world, savers were desperate to know whether their savings were safe.

Experts spent much of that day outlining the rules on deposit protection, which now covers the first £50,000 of individuals' savings per bank if a bank goes bust.

But in Glasgow, experts have been taking questions about gaining a decent and regular return on their savings and investments at a time when interest rates are at a record low and the stock market is back on an upturn.

Jobs

Many of these people have seen their circumstances change during the recession.

Savings and investments have been the main topic of the day

People like Steven, a 56-year-old who has built up a significant portfolio but is acutely aware that having been made redundant, his age is working against the prospect of him working again.

"I doubt I'll be getting another job, even in Tesco because everyone is applying there," he joked.

He asked Jim McLatchie, a financial adviser from Towry Law, about the best way of making this nest egg work for him, without knowing whether he would need to live off it for three years or 30.

Steven is single with no dependants and wants to ensure he can have a comfortable living for the rest of his life.

Mr McLatchie explained that for people like Steven it was worth stepping back and planning finances, rather than being too influenced by events.

He said that, in the case of Steven who was in a high tax band, shifting money into a pension scheme - with tax relief - and making use of the capital gains tax allowance would reduce his tax bill.

Equally, a review of his Isa accounts would be useful.

MONEY MATTERS - GLASGOW Participants: Almost 30 money experts plus some of the BBC's top financial journalists Theme: Helping you with your money problems from savings, redundancy and mortgages to pensions and student finance Venue: Buchanan Galleries, Glasgow - Wednesday 14 October 8am-6.30pm Get updates: At bbc.co.uk/money and on Working Lunch's Twitter feed Coverage: BBC One Breakfast, News Channel, Radio 5 live, Working Lunch and Radio 4's You & Yours, Moneybox Live and PM plus BBC Scotland Personal finance tips Take our money quiz

Others lining up for savings and investment advice - which experts are giving for free without any sales pitches - were keen to know what to do having seen the value of their investments fall.

Complex queries

Alongside these experts are another group of advisers in demand - representatives from the Pensions Advisory Service (PAS).

"People are concerned about final salary pension scheme closures and what this means for them," said Malcolm McLean, of the service.

"For people made redundant, losing their job is as good as their scheme closing."

On the lower level of the centre, experts from the mortgage and tax world have been taking some more complex queries.

Others want to know whether to secure a fixed-rate mortgage deal, and whether the housing market will continue to pick up.

The crowds have been growing throughout the morning and advisers are on hand all day.

However, student finance adviser David Malcolm, from the National Union of Students, has been relatively free - but perhaps it was a little early for students.

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