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Cash is Not King

6th October 2017

A new report has revealed that the UK’s working adult population has missed out on a staggering £94 billion over the past five years through failing to invest in the stock market and holding their money in savings accounts. The figure comes from public policy think tank, The Social Market Foundation, which has also found that more than £200 billion worth of cash is being held by savers above the recommended three months’ worth of income or ‘rainy day’ level of savings that should be kept available.

The think tank has urged the government to do more to inform and encourage savers about diversifying their savings and investments, as the figures suggest many are devaluing the money they’ve worked hard to put away, thanks to high inflation and low interest rates. More worryingly, the report reveals that more than 14 million working adults in the UK are not saving whatsoever and that more than 26 million have inadequate pension savings.

When we discuss the concept of investing money with our clients, we often find that the money that they wish to remain in savings accounts is higher than the suggested three months income levels discussed above. This can be an emotional draw, due to the liquid nature of savings accounts and the ability to ‘see’ the money. Plus it is deemed as being risk free. However, interest rates remain stubbornly low and with inflation starting to move upwards, this liquid asset is continuing to lose money in real terms.

It is so important to consider your savings as part of your investment portfolio. We encourage our clients to invest in a Multi Asset proposition, and that includes any spare cash in excess of your ‘rainy day fund’.

It may feel nice to have cash to hand, but how much is that really costing you?

 

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