Bowmore’s research shows that if an 18-year-old was to put just £1.71 into their pension each day (or £625 a year) until retirement age, they would have saved a total of £1m by age 68 – the current state retirement age for an 18-year-old.
John Clamp, Chartered Financial Planner at Bowmore says “there are three main things any investor needs to understand, but especially important for young people:
1. Setting the right disciplines (regular saving and making use of tax breaks/subsidies).
2. Understanding the impact of compound growth (exponential growth rates in the latter years)
3. How to make your money consistently work hard for you (i.e., 5-10% growth per annum).”
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