A fully flexible way to invest
4 minute read
Barclays Director of Savings and Investments Clare Francis explores ways to improve finances now and in the future.
The value of investments can fall as well as rise and you could get back less than you invest. If you’re not sure about investing, seek professional independent advice.
Please bear in mind that tax and pensions laws can change and that their effects on you will depend on your individual circumstances. We don’t offer personal advice.
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Narrated by the author Clare Francis, please click below to listen. Alternatively, please read on.
Managing money is harder when you are suffering from mental health problems. Worrying about money can make your mental health worse, and it’s not only those in financial difficulty who are finding things harder.
The deepening cost of living crisis and the pressure of a looming recession can make things feel even more challenging than normal.
Making time to regain control can be a huge step forward in gaining some clarity and peace of mind.
And the sooner you start investing, the longer your money has to grow. For example, if you invest £5,000 each year from the age of 18 and assume it grows by 5% a year, it would be worth over £700,000 by the time you reach 60.
But if you wait until you’re 30 to start you’d only have about £350,000 by the time you hit 60.
You’ll then have a new ISA allowance when the next tax year starts on 6 April. The benefit is that any returns you make on money held within an ISA are tax-free, whereas if you save or invest outside of an ISA, you may have tax to pay.
It’s worth checking your investments once or twice a year to make sure they’re performing as you’d hoped. It’s also important to try and spread your money around so it’s invested in different types of companies and geographical regions as diversifying in this way will reduce the overall risk you’re taking and lessen the chance of you losing money.
The most important thing to remember if you’re worried about your finances is that you’re not on your own. Not only will there be other people going through something similar, but there’s also lots of help available. As well as the resources already linked to in the article, we also have more information and guidance on the Money Worries hub on our website.
Please remember, stock markets can fall as well as rise and you may get back less than you invested. Also, tax rules can change and their effects depend on individual circumstances. This article is not intended as financial or investment advice, so if you don’t feel confident about making your own financial decisions, please seek independent financial advice.
The value of investments can fall as well as rise. You may get back less than you invest. Tax rules can change and their effects on you will depend on your individual circumstances.
A fully flexible way to invest
A simple and tax efficient way to start investing
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