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Read moreMoney Musings 19/09/2023
Normally, it’s us offering advice to clients, but sometimes the advice goes the other way, and we’re always open to listening. So, at the suggestion of a client that we thought was great, welcome to the Money Musings. And thank you Client. You know who you are…..
Yes, we like listening to people. Do you know who we would like to listen to more of? Young people. The more people we talk to mid-way through their earning years the more its clear there is a habit of putting off thinking about retirement until it’s too late.
Growing a substantial pot to ease you through your post-work years is significantly easier the younger you start. Dad often used to quote the story in the press, if a grandfather started a pension for his newborn grandson, it could have grown to a £1million pot by the time the grandson was 18. What a fantastic gift!
But let’s be honest, saving towards your pension ain’t exactly rock n’ roll, is it? So, making financial services appealing to a younger generation is challenging.
An article in the Financial Times online edition recently had an article that started with some startling data on 19-23 year olds:
“Young people are turning to social media influencers before financial advisers for help on money matters, a conference heard. Market research from Savanta found just 20 per cent said they would use a financial adviser, with 47 per cent saying they would first go to a family and 41 per cent saying social media was their first choice.”
Here’s a link if you’d like to read the full article: https://tinyurl.com/3u6dv387
Worrying anyway, but especially when you consider there are a significant number of celebrities and ‘influencers’ being prosecuted in the USA for promoting financial investments (often crypto related) without disclosing that they are being paid to do so. And some of these investments are not regulated.
I’m pleased to see the higher percentage saying they would go to family before social media. Perhaps that family, is you? Do you know a young person, or young family, that would like to be smarter with their money and start investing in their futures?
A conversation with us is confidential. Our first chat is always free, and even if we can’t directly help, we can provide good pointers to get you moving in the right direction.
Or maybe there are young people in your life that you would like to start saving on behalf of in as tax efficient way as possible? Sometimes these things can be mutually beneficial….
So, to the markets
30.12.2022 | 15.09.2023 | % Change on year | % Change on week | |||
FTSE 100 | 7451 | 7711 | Up 3.49% | Up 3.12 | ||
Dow Jones | 33147 | 34618 | Up 4.44% | Up 0.12 | ||
Nasdaq | 10466 | 13708 | Up 30.98% | Down 0.39 | ||
S&P | 3839 | 4450 | Up 15.92% | Down 0.16 | ||
TOPIX | 1891 | 2428 | Up 28.40% | Up 2.94 | ||
Hang Seng | 19781 | 18182 | Down 8.08% | Down 0.11 | ||
Shanghai | 3089 | 3117 | Up 0.91% | Up 0.03 | ||
CAC 40 | 6473 | 7378 | Up 13.98% | Up 1.91 | ||
DAX | 13923 | 15893 | Up 14.15% | Up 0.94 | ||
I had a strange encounter on Facebook this week (sounds silly, bear with me…). A new mum put a post up on a local group asking for help. She said.
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