Financial literacy

[AndyWolves]

https://twitter.com/x/status/1970452042847031470

Bend over

 

[AndyWolves]

This is a really helpful video explaining how compounding works

Probably a bit late for most of us but share the knowledge with kids & grandkids etc

 

[AndyWolves]

Also, rinse the bank switching offers available. It's free money and can be obtained by creating "burner" current accounts.

If you need Direct Debits setup Plum and MoneyBox - they will take really small sums

You can more than pay for a season ticket doing this.

 

[Hereford Wolf]

I was really lucky. Whilst I was always financially savvy, I could never find a good, well paid career.
I worked for loads of companies before I was 40yo, and always joined the pension schemes.

Finally found my calling at 43, company with a brilliant Final Salary Scheme. I rounded up all my other pensions and they added about 8 years to my new pension. Retired at 63, with 20 years contributions, plus my other 8 years and I also had a massive pay rise in my final two years.

So I ended up with a nice ( not massive, but nice) private pension, and added to my state pension I am reasonably comfortable. My wife also retired at 55 with a Civil Service Final Salary pension.

I know we are the lucky ones. Those Final Salary Schemes have virtually gone.

I say to my daughter (who is also financially savvy)….that she will be in her 60’s before she knows it.
Save, save, save. It’s worth it.

 

[Elephant Pyjamas]

Also, rinse the bank switching offers available. It's free money and can be obtained by creating "burner" current accounts.

If you need Direct Debits setup Plum and MoneyBox - they will take really small sums

You can more than pay for a season ticket doing this.

Absolutely, they seem to be getting alive to this though with monthly charges for using accounts - obviously stay away from those!

Stoozing is working well for me over the last few years, I use 0% credit cards for all my bills and day to day life, make sure I make the minimum payments, and put the money that I would have spent in high interest savings accounts earning me interest.

Obviously pay it off or transfer the balance before the 0% ends.

Just need to have your wits about you, but it can generate a fair few quid a year, certainly enough for a holiday.

 

[Tredman]

{snip}
Save, save, save. It’s worth it.

I take your point, but part of the despondency is that the previous generation (as you have illustrated) did not have to do that, while those who are still working are locked into ever increasing tax burdens - a very large amount of that going towards maintaining the pension triple lock for that same generation.