Learning from the past and understanding the present
If you really want to give your money the potential to grow and you don’t need immediate access to it, think about investing it rather than just saving. You might want to invest for major life events like retirement or paying your child’s or grandchild’s university fees.
Millions of Britons could see their savings shrink because they don’t know how to shield them from rising inflation. The findings are according to research by YouGov for Zurich which found more than a third (37%) of people aged 18 to 65-plus are in the dark over ways to grow their savings enough to at least keep up with rising prices.
5 million over-50s looking to make their money work harder
Savers have had it extremely tough over many years now, and yet many still feel uncertain about making the switch to investing. This is largely because people don’t know quite where to start, and they are wary of the risk. However, people need to make their money work harder for them – not just to give them a higher level of income, but also simply to stop their money losing value in real terms.
Report findings suggest this trend is set to continue
Half of women (52%) are now saving adequately for their retirement compared to 60% of men, according to the latest Scottish Widows Women & Retirement Report. But while this maintains the record high levels achieved in 2015, the gap between men and women has widened since 2014 when 50% of women were saving adequately compared with 55% of men.