Advisers speak to young adults about importance of personal finance
Financial advisers from a leading East Anglian firm have spoken to students about the importance of personal finance and careers in financial advice.
The talk came as part of Hills Road Sixth Form College’s progression week and advisers from Fiducia Wealth Management were on hand to offer advice on starting their saving early.
As part of his presentation about how to save for a deposit for their first home Michael MacLeod, trainee financial adviser at Fiducia, said: “Making small sacrifices can make a huge difference. By skipping that £3 coffee each day, you’ll save £1,000 over the course of a year. If you put that in to a lifetime ISA, you’ll receive a further 25% from the Government giving you a total of £1,250 by Christmas. By making that small change in your daily habit, a house deposit it within reach.”
Mr MacLeod was followed by Josh Gupta, chartered wealth planner at Fiducia who went in to more depth about how they could invest their money and save for their retirement. “Who wants to be a millionaire?” he asked the gathered audience and all hands went up in the air. He then talked them through a number of ways to achieve that by investing certain amounts in various products, all reaching the magic million pound mark by the time they retire.
He also spoke about the importance of investing explaining that instead of buying that coffee or burger, to invest in shares at the company. At the moment, when they buy that item, someone else is making money from them; instead, be that person making the money from consumers like them.
Following the presentation, Gordon Kearney, managing director at Fiducia, said: “It’s really important to us that we’re able to help those starting out in their careers with their finances. Many of our clients often say to us that they wish someone had spoken to them earlier about the importance of saving and the best ways to go about it. We therefore want to encourage as many young adults as possible to begin their saving journey as early as they can.”
Bekki Clark, Head of Careers at Hills Road Sixth Form College said: “The talk from Fiducia has inspired many of our students. They’re now thinking about their daily spending habits and how they can start saving for their future.”
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