When you hear people talk about it, you realise they behave like I am, and they are just as ashamed as me.
Mick's Granddad worked for First Great Western. He was "pension, pension, pension" and that's rubbed off on Mick. Have a listen to his Grandad taught him.
I want to be as happy and as comfortable as that
Who can you talk to about money?
We tend to ask our parents because we're too ashamed to ask our friends and don't trust the professionals to look after us. Here is some food for thought:
- Financial advisers
Regulations have changed and most financial advisers today do not work on commission, will be very clear on what they charge and focus on the advice rather than product sales. But you will typically need to have in the region of £75,000 - £100,000 plus to become a client. Annual fees for advice will be in the range of 0.75% - 1% with investment costs on top. An hourly rate for advice will be about £150 - £225.
Try VouchedFor or Unbiased to see advisers in your area.
- Money coaching
A very new concept and it can be hard to find but this is lower cost help and non-regulated little 'a' advice which wont give you specific product recommendations will will guide you through the decision making process and table all the issues. Look on Google.
- Pension Advisory Service
This is a fantastic free service funded by the Government. Talk to someone very well-versed in the world of pensions on the phone. They wont give you personalised financial advice or recommend pension providers but they will help with all your technical queries and really be a good sounding board for those complex questions.
Holly's tip: " I speak to lots of people about money all the time and it strikes me that most of us tend to assume that everyone else is 'more sorted' than us. And that's not true. Don't be afraid to talk to good friends about money worries. They might not be able to fix it but a problem shared is a problem halved and all that. We've all got something about our finances which is bothering us so don't be too hard on yourself."
Investor Pulse - what you told us
Every year, BlackRock ask people from all over the world, including UK, how they think and feel about their financial health and circumstances.
This year, they went deeper than ever to understand the connection between our financial health and well-being.
This edition of Investor Pulse was conducted at a time of unique political, cultural and social upheaval. To better understand how these forces affect financial health, we listened to more people than ever.
If you said you wouldn't invest, we asked you why not. Here's what you told us:
- 59% of you don’t think you have enough money to invest; 39% say it’s lack of knowledge and 34% are afraid of losing everything
- 78% feel there are too many investment products to choose from
- Three-quarters (74%) identify themselves as savers and just don't see themselves as in investor.
Visit BlackRock to learn more about Investor Pulse.