Have you got financial confidence - could it make you richer?

This is Money Podcast

This is Money

Business News, Business, Investing, News

4.1 • 650 Ratings

🗓️ 12 July 2024

⏱️ 60 minutes

🔗️ Recording | iTunes | RSS

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Summary

Do you feel financially confident? When it comes to budgeting, saving, investing, and building your pension, are you clueless, comfortable, or cracking on?

A piece of research this week by Moneybox claimed that being financially confident could add £67,000 to your lifetime wealth – on average those with confidence were worth £145,000 on average, compared to £78,000 for the unconfident.

But what does being financially confident actually mean and how can you get there?

On this week’s podcast, Georgie Frost, Tanya Jefferies and Simon Lambert look at how to boost your financial confidence and whether the tips to do so could work.

Plus, a week into a new government and with a planned pensions review looming, the team look at what Labour could mean for our retirement savings.

Meanwhile, investors seem to be cheering Labour taking charge and this week investment giant BlackRock flagged Britain’s ‘relative political stability’ and cheap stock market, so does that mean good future returns?

Investing a large sum was on the mind of a reader who asked This is Money an unusual question: I’m inheriting £10million, should I set up an investment trust? So, what is the answer to that?

And finally, a new report has revealed Britain’s best places for customer service – did your favourite make the list?

Transcript

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0:00.0	Welcome to This Is Money Podcast, sponsored by Charles Stanley Direct. I'm Georgie Frost and joining me and Simon Lambert today is Tanya Jeffries. And coming up, what's the trick to doubling your wealth, no matter how much you earn? Financial confidence. Simon will explain how you can get it. As we have Tanya here, we'll be taking a deeper
0:21.9	dive into what labour will mean for your pension. We look at the UK funds that could profit
0:26.5	from the new government and whether an investment trust is a good idea for a big inheritance.
0:31.6	Plus, it's nice to focus on the positives, so we'll be taking a look at Britain's best
0:35.8	companies for customer service.
0:38.0	Don't forget you to stay up to date with all the latest breaking money news, just go to
0:41.2	thisismoney.combe.uk or download the app.
0:45.0	I'm Lisa Kaplan from Charles Stanley Direct. I spent 15 years helping people understand their
0:50.5	finances with clear jargon-free language. People often ask me whether they have enough to retire, what to do about inheritance tax, or how best to invest.
1:01.0	Often, it's a simple question that one of my expert team can answer straight away, and we would love to help you too.
1:08.0	Contact us for a free 15-minute chat at at Charles-dash-stanly.com.
1:13.5	U.K. Investment involves risk. But first, how confident are you with your money? Do you set long-term
1:20.3	financial goals and follow a budget? Do you switch accounts to get the best deal for your savings
1:25.0	and your investments? Well, this is money has done some research to assess how we feel in the UK about saving,
1:31.3	investing, retirement and managing our personal finances.
1:34.3	And they asked the experts on ways that you can give your confidence a bit of a boost.
1:40.3	Simon Lambert, what is all this about?
1:50.7	Well, this, Georgie, and dear listeners, is about feeling financially confident.
1:52.1	What does that mean?
2:03.5	Well, it means that you have an understanding of your personal finances, that you feel that you've got a grip on them, that they're not running away from you. And there were three key elements in this piece of research, which was done by
2:08.8	money box. And it was people who were confident at managing savings, confident at investing,
2:16.6	confident at retirement planning. Now, obviously, you can have misplaced
	...

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