YOUNG ADULTS
As young adults transition into independence, financial planning focuses on building a strong foundation for the future. This stage involves setting financial goals, such as saving for emergencies, paying off debts, and establishing long-term savings and investment strategies.
Starting a pension
The very best time to start a pension is when you are young.
Emergency Fund
It is essential to have some savings set aside for unexpected expenses, typically three to six months’ worth of living expenses.
Investment Strategies
For long-term goals like retirement, consider investing in a diversified portfolio of stocks and bonds. It’s generally advisable to start investing as early as possible to benefit from compounding returns.
Budgeting
Creating and sticking to a budget is fundamental. This helps you understand your financial situation and allocate money towards savings and investments.
Long Term Saving
ISA’s provide tax-free savings opportunities. There are different types of ISAs, including Cash ISAs and Stocks and Shares ISAs, which can be suitable for various goals.
Paying Off Debts
Young adults can have various types of debts dependign on their financial situation and life circumstances. Some common types of debts that the average young adult might have are: Student Loans, Credit Card Debt, Personal Loans, Car Loans, Overdrafts, Payday Loans
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