Focusing on your savings as early as you can is always advisable if you want to enjoy your retirement to the fullest. New research has just revealed that one-fifth of those over the age of 55 have £100,000 or more in their savings pots, yet 40 per cent of 18 to 24-year-olds have no savings whatsoever.
According to SunLife Direct, the most popular ways of saving are instant access accounts, current accounts, fixed rate savings or cash ISAs, a jar or tin and premium bonds.
It’s certainly interesting that people choose to save their money in a tin instead of a potentially more lucrative avenue such as an ISA. The study found that 18 per cent of people with £100,000 or more in savings still use a jar to squirrel cash away.
“Jars and tins were never intended as secure homes for hard earned cash. Not only is it very tempting to raid rather than leave for a rainy day, but it isn‘t earning a penny in interest and doesn’t stand a chance against inflation,” head of savings at SunLife Ian Cooper said.
Investment advice from a Bristol financial planner could be a good idea for all those who do keep their cash stashed in a jar or tin. They will be able to help you work out a long-term investment planning strategy in order to meet your financial obligations and ambitions.
To find out more about how a financial adviser could help you today, get in touch with us here at Churchill Wealth Management.
Financial Advice Bristol
If you would like to speak with one of our Independent Financial Advisors and potentially receive financial advice, please contact us on 0117 923 7652. We are based in Clifton, Bristol but we are happy to service clients from across the UK and we provide free initial meetings at our client’s convenience.
Churchill Wealth Management Limited is located at 13 Alma Vale Rd, Bristol BS8 2HL, United Kingdom.
About Us: Churchill Wealth Management is a team of independent financial advisors/financial advisers (IFAs) based in Clifton, Bristol. We provide independent financial advice, including pension advice, investment advice, inheritance tax planning and protection/insurance advice.