Very few people want to talk or think about saving, but putting money aside as early as possible can give you a massive advantage in the future. It sounds obvious, however this message doesn’t get through to many people in the so called ‘millennial’ generation. In an age of instant gratification and consumerism, many people simply kick the can down the road in favor of fully enjoying their paycheck as soon as it falls into their bank accounts. However this is not a prudent option. Saving is strongly recommended, no matter how small, and learning how to invest can be a better way of making your savings work for you in the future.
At invstr we wanted to get a sense of how the millennial generation felt about investing and savings and so conducted surveys that reached out to 2 thousand millennials between 16-30 across the UK and the USA to gauge how they felt about their financial futures, their savings and the markets. At our launch party in June last year (seen below where our founder Kerim is presenting), we revealed the data and set out how we think our app can help to demystify the markets and democratize access to financial information. In this way, we are helping people to learn about investment.
As for the results? In general, the responses from those questioned suggested some angst and confusion about their financial futures: –
Our Founder and CEO Kerim Derhalli said: “From the surveys that invstr has conducted in the UK and USA, it is clear that most people are not making adequate provisions for their future. Investing is all about making a trade off today for a larger reward in the future. If we get into the habit of saving early in life, the power of compounding helps our savings grow far more than if we try to catch up when we are older. That is why it is so important to start to save as much as we can as early as we can. Being financially secure will give us far more choices over our lives in the future.”
What are my options to increase my savings once I start putting money away?
There are several different avenues you can choose to go down to create a higher return, but what we are concerned with at invstr is the stock market.
The stock market is becoming an ever more preferred way of creating a return on your savings, especially since the possible return from alternatives like bonds is relatively poor in an era of low interest rates, which we touched upon here
Our data also suggested that there was some hesitance around this area: –
When your money is sitting in a bank in this current economic climate, it’s safe, but is generating little return. However, with knowledge and application, you can make your money work better for you by investing in shares.
Here at invstr we split the process of investing into 3 parts: keep up with current affairs, follow the markets and practice.
The invstr app provides ways in which you can learn more about the stock market and engage in a risk free way, taking charge of your financial future. Learn through our investment and prediction games, news and invstr feeds, our video content and more to keep up to date and in tune with the business world. With practice and knowledge under your belt, soon enough you can be equipped to understand trading and how to make saving exciting and no longer a chore.
You can catch our founder Kerim talking about saving and some of his predictions for financial markets in 2017 in his interview with Share Radio in January by following the link here: https://www.shareradio.co.uk/podcasts/kerim-derhalli-founder-of-invstr-app-on-investment-opportunities-for-the-new-year-04-jan-17/PodcastPlayer
Play Learn and Share on invstr to find out more about the markets.