Student - Pensions

misskittifantastico

Hi, i've had a look through some older topics, but couldn't find an appropriate answer to my question.
Basically, i'm a 21 year old student, with a part time job as income, but i'm interested in saving for the future sooner rather than later.
I would like to know what i can feasibly achieve considering my situation, and i'm hoping for some advice as i'm completely clueless about the whole thing! i'm trying my best but all the terms are confusing!

EdInvestor

Better to start with an ISA, as you have no free money from an employer.You an access the pension tax relief later whereas the ISA is "use it or lose it" .

chesky369

Make sure you're paying the full NI contribution, regardless of whether or not you're actually working. Then open the easiest kind of savings account, so that you get into the habit of saving something regularly - at this stage it doesn't really matter how much, as long as you do something. More ambitious saving can wait a little while.

scotlass99

You could also consider a Stakeholder Pension, as you can make payments as little as £20 per month. You could then consider what kind of fund to put this in. You could put it into a high risk fund and potentially watch it grow or spread it over a high risk and a medium risk or a low risk. There are so many options to consider. I'm afraid I only know about pensions, and not ISA's so I don't know how these compare with Pensions. I would say whaever you do, try and save something, no matter how young you are. I am 22 and have had my stakeholder for about 3 and a half years. Plus the earlier you save, the more time you have to build up a nice wee income for your retirement.