Does Anyone Not have Savings?

[Deleted User]

jimjames wrote: »

No. Cash deposited in a bank is savings, money in stocks and shares is invested.

This may be technically correct. But the average person regards cash savings on deposit as a way of investing money for a return, so is an "investment".

Eco_Miser

jondav wrote: »

Please don't assume that because we don't have savings, that must mean that we live in luxury - we don't I can assure you.

And please don't assume I was talking about you when I made a comment about 'many people'.
There are posts on this thread advocating spending on pleasure before saving.

jimjames

Eco_Miser wrote: »

And please don't assume I was talking about you when I made a comment about 'many people'.
There are posts on this thread advocating spending on pleasure before saving.

Nor was I. Even at work I know many people who claim to be poor and unable to afford a property or do certain things, that have brand new cars, new phones and are out at top concerts almost every week.

chucknorris

Deleted_User wrote: »

This may be technically correct. But the average person regards cash savings on deposit as a way of investing money for a return, so is an "investment".

Please trust me, I am not saying this to be argumentative, savings and investments are completely different, they are not the same.

markwilkinson

chucknorris wrote: »

Please trust me, I am not saying this to be argumentative, savings and investments are completely different, they are not the same.

They are very different terms, in the financial world but just because that's how it is in this world does not mean the same is true in the world of English language. If you look at a dictionary and find the word "invest" you can see that the definition could quite equally encompass someone who "saves" for their future.

bigfreddiel

markwilkinson wrote: »

They are very different terms, in the financial world but just because that's how it is in this world does not mean the same is true in the world of English language. If you look at a dictionary and find the word "invest" you can see that the definition could quite equally encompass someone who "saves" for their future.

That's actually known as investing in your future, not saving your future.

Saving is NOT investing.

Cheers fj

bowlhead99

markwilkinson wrote: »

They are very different terms, in the financial world but just because that's how it is in this world does not mean the same is true in the world of English language. If you look at a dictionary and find the word "invest" you can see that the definition could quite equally encompass someone who "saves" for their future.

But the world we are in, here on this part of this website, *is* the financial world; the name of the board is Savings & Investments (two distinct and separate concepts) and the financial services industry - including the regulator and the industry compensation scheme and all regulated firms and advisers - sees them as two separate concepts.

So, it's doesn't really matter whether or not in 'the world of the English language' it is possible for one to be considered a synonym of the other - because we are not playing in that generalist world when we are larking about in a thread on a savings and investment website. We are holding our discussions here within the more specialist world of finance.

As such, if someone is looking for help or advice or is setting out their situation on a savings and investment thread, it is much better to use the terms as they are used in the savings and investment industry.

Similarly if you were explaining your personal circumstances on an LGBT discussion group, I assume you wouldn't expect people to observe that in "the world of English language" the term gay could just mean happy and not confer a sexual preference.

So, it should be anticipated that within a specialist online community, people do not need to rely on a generalist dictionary definition and see whether one thing could technically mean another thing if you opened it up to the whole world rather than the subject area of the community.

bigfreddiel

I've saved £1,500 so far this month, I have to stop! I'm saving too much, but it's like an addiction now! So how do I wean myself way from this habit? fj

Marine_life

I remember a friend of mine many years ago said that he had "savings" whenever he had unused limit on his credit cards ;-)

In all seriousness I think its quite shocking that more than 50% of the population has less than £3,000 savings. Seriously?

I wonder whether a more revealing question might have been net wealth?

Maximum_Saving

Hello. I think that you made an excellent suggestion with this bank account. It is still paying 5% interest for money up to £2,000. I began a monthly saver with TSB in December last year.