Podcast Summary

Podcast: Merryn Talks Money
Episode: Your 2026 Money Reset: Practical Steps to Be Better Off by Year-End
Host: Merryn Somerset Webb (Bloomberg)
Guest: John Stepek, Senior Reporter at Bloomberg and author of Money Distilled
Date: January 7, 2026

Main Theme

This episode focuses on setting achievable, practical financial resolutions for 2026, providing listeners with actionable steps to improve their personal finances by year-end. Merryn Somerset Webb and John Stepek share six key resolutions, highlighting how agency over your finances—not grand political changes—makes the most difference to your financial well-being.

Key Discussion Points & Insights

1. Focusing on Agency and Practicality

• The episode opens by acknowledging widespread pessimism about the future, but pivots to what individuals can control: personal financial management.
• Merryn points out: “What we are going to talk about today is things that you do have your own agency over, and that is not…invading countries and that kind of thing. It's a little more prosaic, really.” [02:40]
• Only a small percentage of people make financial resolutions, despite their importance.

2. Resolution 1: Set Aside Time for a Regular Financial Review

• Both hosts agree on the need for regular, scheduled “financial MOTs.”
• Merryn: “One of the things that people never do is set aside an hour a month…to sit down and just go through everything.” [06:01]
• Suggestions include reviewing direct debits, bills, insurance, and being proactive with upcoming renewals.
• John: “The first thing you actually need is to budget the time for it.” [06:20]

Memorable Tips:

• Add reminders for important financial dates (e.g., mortgage or insurance renewal).
• If you’re in a relationship, do these reviews together for aligned financial goals.

3. Resolution 2: Don’t Overlook Key Financial Admin (Mortgages, Insurance, House Buying)

• Mortgages:
  • Start preparing six months in advance before your current deal expires to avoid jumping to high variable rates.
  • “Imagine going from 1.5% to 6% on your mortgage. You do not want this to happen.” [07:51]
  • Use mortgage brokers to shop for deals and secure better rates.
• Homebuyers:
  • Now is the time to “bargain hard” as house prices are reacting to higher interest rates.
  • John notes that prices at the upper end are falling more, making negotiation possible. [09:15]
• Selling:
  • The only reason a house isn’t selling is the price—adjust accordingly.

4. Resolution 3: Maximise Tax Efficiency

• Use ISAs fully: Both hosts stress the importance of filling up your ISA allowances.
  • “Max out your ISA…but also be aware as you do so, of the interest rate you might get. Very often the interest rate on a cash ISA is lower than the rate you might get on an ordinary account.” [11:55]
• Consider which spouse is best placed (lower tax bracket) to hold cash assets.
• Don’t leave cash idle: £300bn sits in non-interest accounts—move yours if that applies.
• Joint financial planning: Hiding money in relationships is discouraged; transparency is best.

5. Resolution 4: Regularly Review Your Pension

• Know exactly what type of pension you have, what it’s invested in, and the terms.
• John: “If you get a match from your employer, like if you put more in and they'll put more in, then you should definitely do that. And also check what it's invested in.” [15:17]
• Increase pension contributions even by 1–2%—it makes a huge difference over time.
• If nearing retirement, check that your fund isn’t being automatically pushed into lower-risk assets unless desired (“lifestyling”).

6. Resolution 5: Build Financial Resilience with Emergency Cash

• Merryn advocates keeping a small amount of physical cash at home.
  • “There are all sorts of reasons why you might need to have a couple of weeks worth of cash at home.” [17:18]
  • Cites risks: cyberattacks, account freezes, power blackouts. Recent examples in Spain highlighted this issue.
• John: “It's almost like your emergency emergency fund.” [18:16]
• Emphasized: This is for grovery money, not large sums tempting for theft.

7. Resolution 6: Get a Will (and Tidy Your Admin)

• John: “Get a will. If you're married and you have kids, definitely get a will. And if you've got anything more complicated beyond that…you absolutely need to.” [21:23]
• Update your will if your circumstances change (kids, remarriage).
• Leave clear documentation for heirs to avoid family disputes and administrative nightmares.
• John: “Just even one document that explains to your descendants…this is where everything is…It's really, really important…” [22:20]

Additional Notable Quotes & Memorable Moments

• “Silver is the crypto of the precious metals world.” — John [01:13]
• “Economists wouldn't be down with that [saving more, spending less]. They would like us to spend more, save less, but improve financial management. I think that's the key.” — Merryn [04:14]
• “Everyone's got different ways of running their finances. But I think whenever you're hiding money from your partner in a serious way, then that's just bad news.” — John [13:05]
• On divorce and financial tips: “Of course the best financial tip when it comes to divorce is don't. Do not get divorced. Everyone's standard of living is lower after divorce.” — Merryn [13:38]
• On crypto security: “If you've got a lot of crypto, don't tell anyone.” — Merryn [19:53]
• “Don't leave misery behind you. That's what we're saying here.” — Merryn on will-writing [22:17]

Timestamps for Key Segments

• Financial Agency vs. Macro Pessimism: 01:34–02:57
• Resolution 1: Financial Review Routine: 04:51–07:05
• Mortgages & Housing Market: 07:20–10:46
• Tax Efficiency & ISAs: 11:02–13:19
• Pensions: 14:43–16:51
• Cash & Emergencies: 17:16–19:03
• Crypto Security: 19:03–20:41
• Getting a Will & Admin: 21:23–23:33

Structured Resolution Checklist

1. Schedule a regular financial health check—set diary reminders.
2. Plan proactively for mortgage renewals/insurance and negotiate on property prices.
3. Maximise tax-free allowances (ISAs), avoid idle cash, and coordinate household finances.
4. Understand and periodically increase pension contributions—know your investment mix.
5. Keep a small amount of emergency cash at home for crises.
6. Make (and update) a will and leave well-organized records for heirs.

Tone & Delivery

The conversation is both knowledgeable and witty, marked by good-natured teasing, clear expertise, and a strong practical streak. Both hosts demystify financial habits and challenge common misconceptions, always returning to the value of personal agency and preparation.

Conclusion

This New Year’s special distills six clear, realistic financial resolutions—emphasizing that with a little time, planning, and proactive management, you can take significant steps to be better off by the end of 2026. Their advice is straightforward, actionable, and relevant to all life stages, making this episode an empowering starting point for personal finance in the new year.