Savings accounts are popular amongst people as ways of both keeping their money safe and growing it at the same time. However, interest rates have been shockingly low recently, with a lack of opportunities provided for cash growth. While some accounts are offering a solid return, the options observed prior to the pandemic are not currently on the table.
Many people, particularly women, she stressed, believe they do not know enough to invest, however, this could not be further from the truth.
Ms Currie continued: “It’s the same reason why women won’t apply for a job or promotion unless she ticks every box – women don’t like to blag it, so they don’t want to dip their toe in the water
“What I would say for everyone instead is that investing isn’t rocket science.
“Once you know about the world, for example what you are reading, consuming, doing with your time, you know what companies are working.
“This is particularly the case throughout the pandemic, where companies like Amazon, Netflix and Zoom are being used by more and more people.
“Look at what is happening in the world, observe that, and that can really help you decide the investment opportunities.
“If you are still intimidated by this, you can outsource a lot of those decisions by investing into a fund instead of a stock.
“The fund manager can research those companies and make those decisions in line with what you want.”
Cash accounts which allow Britons easy access to their money are still particularly popular.
However, once a person has built up a recommended sum of three to six months in emergency savings, branching out is encouraged.
As Ms Currie perhaps most importantly highlighted, those who are reticent to starting on investment could face active damage while cash saving.
This, she concluded by stating, is an issue which needs to be tackled head on to ensure individuals aren’t losing out.
Ms Currie said: “A lot of people, and a lot of women particularly, are risk averse so they may not feel as if investment is for them.
“They may feel it is volatile and not the kind of thing they want to get involved in.
“But at the same time, if someone is putting their money in cash savings because they want to keep it safe – are you not taking more risk inadvertently?
“The risk of your money not growing enough and being left with a massive gap when you reach retirement.
“Not having enough to fund the retirement you had originally hoped and planned for.
“You could also be losing money in real terms depending on the circumstances.
“You really need to explore and understand risk, particularly if you are a woman.”
Published at Sun, 06 Jun 2021 03:01:00 +0000