Do your friends / work colleagues save and or invest ?

bcfclee27

Just interested in others experience with this....

I don't know many people that save much if at all from their monthly wage.

As for investing in stocks and shares I literally know nobody. When I speak to others about investing (what I save per month goes into stocks and shares), they look at me like I'm putting it all in Ladbrokes betting shop and there is no outcome aside from losing all your money.

Anyone else find this.........

(I know some may inadvertently invest via their pensions without realising, I'm talking about consciously investing).

Kim_kim

I don’t pry into my work colleagues or friends financial matters - isn’t that really bad manners!

Prism

Several of my friends invest. Several of them run their own limited companies and are fairly versed in reducing their tax bills via pensions. I have a mate who deals in options on the FTSE. My parents have always invested using shares and fixed rate accounts. We talk about percentages and amounts pretty freely. When you run a limited company very little of your finances are hidden.

bcfclee27

Prism wrote: »

Several of my friends invest. Several of them run their own limited companies and are fairly versed in reducing their tax bills via pensions. I have a mate who deals in options on the FTSE. My parents have always invested using shares and fixed rate accounts. We talk about percentages and amounts pretty freely. When you run a limited company very little of your finances are hidden.

You, Your friends and your parents must all have really bad manners - prying into each other's financial matters like that

ams25

bcfclee27 wrote: »

You, Your friends and your parents must all have really bad manners - prying into each other's financial matters like that

I can't see how having a conversation about saving and investing is bad manners. How much detail people want to share is up to them, but surely sharing ideas and approaches is being generous with your time and knowledge which could greatly benefit others. I do this with friends...never pry but discuss only what people are comfortable..or wish..to discuss.

The fact that the OP gets the response they do is in my view the bigger issue...the lack of financial education is what is hurting people. This forum and others are full of people saying I wish I had started doing this or that..10 or 20 years earlier. If the OP helps even one person to do that.. That's a gift to them.

Personally I think the poor financial education here and probably in all countries is near criminal. And the taboo around discussing money where it mostly exists doesn't help.

Zero_Sum

Dont know too much detail of others financial matters but given the amount who are skint a few days before payday i'd say they probably dont.

reeac

From what I read in the press there's a big and growing problem in this country with personal debt ....particularly credit card debt. Mortgage debt is understandable given current outrageous house prices but credit card debt with the associated high interest rates is another matter. Regarding sharing info., we only do this within the family, not with friends ..... too much risk of creating bad feeling.

bcfclee27

ams25 wrote: »

I can't see how having a conversation about saving and investing is bad manners. How much detail people want to share is up to them, but surely sharing ideas and approaches is being generous with your time and knowledge which could greatly benefit others. I do this with friends...never pry but discuss only what people are comfortable..or wish..to discuss.

The fact that the OP gets the response they do is in my view the bigger issue...the lack of financial education is what is hurting people. This forum and others are full of people saying I wish I had started doing this or that..10 or 20 years earlier. If the OP helps even one person to do that.. That's a gift to them.

Personally I think the poor financial education here and probably in all countries is near criminal. And the taboo around discussing money where it mostly exists doesn't help.

Spot on and well said.

Some colleagues have gone down the overpay mortgage route which I agree with to a point and is much better than just paying the standard mortgage month in month out like the masses do.
But suggest investing instead and you get horrified looks.

I was similar and overpaid on the mortgage until I found this forum.
But then I was always very intrigued by the stock market.

David_Evans

bcfclee27 wrote: »

Just interested in others experience with this....

I don't know many people that save much if at all from their monthly wage.

As for investing in stocks and shares I literally know nobody. When I speak to others about investing (what I save per month goes into stocks and shares), they look at me like I'm putting it all in Ladbrokes betting shop and there is no outcome aside from losing all your money.

Anyone else find this.........

(I know some may inadvertently invest via their pensions without realising, I'm talking about consciously investing).

Yes. I have found the same.
It's a mixture of fear and disinterest.

Then suddenly everyone will get into Bitcoin or some other such nonsense.

It's also a cultural thing. BTL still seems to be considered a sensible option!

David_Evans

ams25 wrote: »

I can't see how having a conversation about saving and investing is bad manners. How much detail people want to share is up to them, but surely sharing ideas and approaches is being generous with your time and knowledge which could greatly benefit others. I do this with friends...never pry but discuss only what people are comfortable..or wish..to discuss.

Personally I think the poor financial education here and probably in all countries is near criminal. And the taboo around discussing money where it mostly exists doesn't help.

I think financial education is deliberately discouraged by the govt.
They fear it would challenge their financial privilege and public schools etc.

One good thing about the Bitcoin nonsense - is that it may have led to more questioning of the fiat money system by the younger generation.

Amoux

I'm relatively young (27yo) and I've talked to friends about it, but literally very few people I know invest in stocks and shares. If conversation ever goes in that direction it inevitably leads to an irrational fear that it is reckless or so complicated that you need a degree in economics to do it.

And these are smart individuals with good degrees, in highly paid, highly skilled jobs. If even this cohort cannot get to grips with the idea of investments, it does make me wonder more widely how financially illiterate people must be in this country.

The only investments that people seem to care about is getting a house. It is a cultural thing. People seem to think that getting on the housing ladder is the be-all and end-all towards financial security.