The ‘secure switchers’: financially comfortable and planning for the future
Abby Lewis, 36, and husband Matt, 42, have two children and their priority is making sure their kids get off to the best possible start.
‘They’re just 10 and 8, but we’re already putting plans in place so that they can afford to go to university and buy their first home,’ says Abby. ‘We both had a bit of help from our parents and know how important it is to get a ‘leg up’ – I’ve got friends still living in rented homes and looking at paying student loans for years to come.
‘I work part time in marketing, and one of my clients is in finance – that’s given me a lot of insight as to what’s out there.
‘We’ve both got reasonable company pensions, and that together with our State Pension will hopefully get us through retirement. Our mortgage gets paid off when Matt reaches 59, and we’ll have time to put more aside then if we’re able – and I should be back working full time in a few years.
‘For the kids, we’ve invested in Junior ISAs. These started as money the government gave us through the Child Trust Fund – the interest rate wasn’t great, so we’ve switched to get a better return. You can add up to £4,260 a year tax-free to each child’s fund – we certainly don’t add that much, but we put in what we can, and our parents do too. It has certainly got the kids interested in finance, and each of them has been adding to their fund with some of their birthday and Christmas money, bless them!’
What type of saver are you? And what type of saver would you like to be? It may feel like you don’t have the funds or the time to start putting money towards your future, but as John and Monica prove, a conversation with a professional advisor can help you find the right saving option. If you’re not ready to talk to an advisor, there are plenty of tools out there, such as our pension calculator
, that could help you make a start.