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If you’ve been saving lately, you may have noticed that your hard-earned cash is earning little or no interest, meaning your money is not growing.
But here’s the thing: as the cost of living increases, your money needs to grow with it. Latest figures show that inflation (the cost of living) is now at 0.7%, and to keep up with that, your money has to grow at the same rate, otherwise it is actually losing value. The solution? Investing.
With research from Nutmeg showing 43% of 25-34 year olds feel financially better off now than a year ago, now couldn’t be a better time to dip your toes into investing and make your money work hard. And according to investment firm Wealthify, women in particular seem to be open to investing with 60% of women savers aged 18 to 54 considering investing, although 84% of young people say they lack confidence and are not sure to start.