What advice would you pass onto the next generation?

As parents and grandparents, we all hope the values and knowledge we hold dear can somehow be passed on to our children and grandchildren. We’d all like to be able to offer advice to them helping them make the right financial decisions for their future, including saving enough in their private pension. Here are a few thoughts that might just help.

Don’t spend all your income

It’s not easy to get ahead if you’re spending as much, or even more than you’re earning. Everyone needs a rainy-day fund, and one of the easiest ways to ensure you’re putting money by for those emergencies is to pay yourself first. Transferring money into a savings account on a payday and saving money can help you manage your budget better and encourage you to maintain the savings habit. If you don’t have any cash reserves, you could find yourself building up debt by putting emergency spending onto your credit card.

Keep an eye on your funds and take control

Everyone has financial aims and learning to control money from an early age will help those aims come into reality. Whether it’s saving for a deposit for a home of your own or ensuring you have enough to live on in retirement, starting to save early, getting expert financial advice from a financial adviser and regularly reviewing your progress and your private pension funds can make a dramatic difference to your retirement planning.

There’s no easy way to make money

Financial scams are increasingly widespread, praying on people looking to make money quickly and they come in a variety of forms. What they offer may look appealing and be presented by people who seem trustworthy and above board, but scams have resulted in people being used as money mules and risking criminal prosecution or losing substantial money if not all their life savings on unsound investments, poor money advice or bogus scams that seem too good to be true. Don’t let this happen to you.

Taking expert financial advice from an independent financial adviser who is authorised and regulated by the financial conduct authority aims to ensure that your financial interests will always be fully protected and help you make the right financial decisions to plan for your future.