Why your 30s are the ideal time to boost savings

Research suggests that those in their 30s are the most disciplined savers. It’s often a time that’s marked by greater financial security and planning for the long term. It means that your 30s are an ideal time to start increasing how much you put into a savings account, plus there are benefits for getting into the savings habit sooner. According to research from Charter Savings Bank: Those in their 30s set aside 58% of their disposable income each month; compared to the national average of 42% With ...

Should you invest your children’s savings?

When we’re saving for our children, it’s natural to be cautious. You probably have plans for how the money will support them in the future, whether it’s purchasing their first car or helping them through university. But could a risk-averse approach mean that your children are missing out on valuable investment gains? Figures compiled by Money Mail suggest this is the case. Investing money could mean that over a 13-year period your child ends up with significantly more. The research found: If someone put £1,000 into a typical ...

Five ways to fall in love with savings again

Saving is important. You’ve been told that a thousand times. You know, deep down, that you need to be saving to give yourself and your family a brighter, more prosperous future. But sometimes, the urge to spend it all now, without thinking about the future is just too tempting. Boosting your motivation to save 1. Set specific goals If you have a specific goal in mind; you probably think about reaching it every time you put money away. However, if you are saving for a broader goal, such as ‘The Future’ or ‘Retirement’, ...

How would living longer affect your finances?

Can you afford to live until you’re 100? If not, you need to start taking charge of your finances before it’s too late. Research from Retirement Advantage shows that, on average, people aged 55 to 64 believe their life expectancy to be 82 years. However, for men, the national life expectancy is 88, whilst the average woman is expected to live until she is 90. The same age group expect to retire just before their 65th birthday, which means that they are likely to be planning to financially support ...