Patrick Stannah, MD of Stannah says:
‘With age comes wisdom’ goes the famous saying. According to our research, young people believe this to be true, with 50% describing the over 65s as ‘knowledgeable’. So rather than just propping up their bank account (although, I’m sure it’s still gladly welcome), why not pass on some of these money tips to help your family set themselves up financially?
1. Learn the value of money
Stannah’s research reveals that 88% of young people respect the over 65s, and therefore value our advice, so why not teach them the value of money? It is impossible to always have everything you want, so the best thing you can do is to learn the value of money and be sensible, to avoid falling into debt. Think ahead, keep track of your money, plan what you need to spend and don’t use credit cards.
2. Spend a little, save a lot
49% of young people agree that over 65s are just as savvy as them, which means we know a thing or two about saving and spending money. Most people work hard for their cash, so don’t blow it. Instead, save up for a rainy day, whether that be paying for your dream holiday, or being prepared for that unexpected garage bill!
3. Cutting your cloth to fit
This means to live within your means – only spend as much money as you have and don’t be frivolous. If you do want to indulge yourself along the way, it’s important to understand whether you have the means to do so.
4. The more you spend, the richer you make other people!
Why spend your hard-earned cash on unnecessary things like a daily take away coffee or impulse buy which empties your own pocket? Think twice and spend wisely on only the things you actually need!
5. Look after the pennies and the pounds will look after themselves
In other words, every penny counts! With contactless cards, it can be very easy to tap away and for your small purchases to add up. But equally, putting aside that extra bit of spare change can lead to large savings, so why not start a piggy bank for those extra coppers, to go towards a new sofa or kitchen for example?
6. Make your money work for you
Sometimes we want to remain loyal to a bank, but if it’s not working hard enough for you and your money, then move it! 28% of young people believe that the elderly are more experienced and cultured than them, so when we say a bank account or investment isn’t worth it, we might just be right…
7. Money is replaceable
At the end of the day, there is more to life than money, with wealth not necessarily equaling happiness. Remember to treasure the important things in life and not to prioritise money, whilst instead thinking about how to use it wisely.
8. Work hard, play hard
Life is all about balance, so if you’ve earnt your money, you should be able to enjoy it too. One of the benefits of getting older is having more money to enjoy life, so make sure you save enough to be able to splash out occasionally.
There are many perks to ageing, including having a better understanding of money and how you should use it, so why not part with your own pearls of wisdom to help your children and grandchildren set themselves up for life?