The thought of investing money can seem like a scary prospect after what’s been going on in the financial sector in recent years. Worryingly, some people have resorted to the age-old, tried and tested solution of keeping their cash at home.
On the plus side, stuffing your notes under the mattress means that you face no risk of those scoundrels in the financial sector losing it on your behalf. But a burglar might well relieve you of it instead. Bear in mind that it’s also not gaining interest - meaning that, thanks to inflation, it’s losing value all the time it sits there.
Don’t stick all your hard earned money in the savings account you’ve had since you were ten, or invest it in a useless Cash ISA
Read our eGuide: ‘Cash ISAs are worth zilch: where should I be saving my money?’ to get some good ideas which prove that saving can be worthwhile, financial crisis or no financial crisis.
Guest Post: Julie is the director of Pen-Life, financial planning practice which provides independent, no-nonsense financial advice from Yorkshire. We advise private, corporate and trustee clients throughout the country on insurance, investments, pensions, long term care and inheritance tax. You can also find her on Google+ and Twitter.