Average UK Savings By Age: How Do You Compare?

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  • Опубліковано 11 січ 2025

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  • @DamienTalksMoney
    @DamienTalksMoney  6 годин тому +9

    If you want to get started investing check out my completely free investing in index funds course 📨
    financialinterest.com/index-f...

    • @General_Internet_Use_Only_x
      @General_Internet_Use_Only_x 5 годин тому +1

      really ? 40k is average ? not 35 ? when it went up ?

    • @DamienTalksMoney
      @DamienTalksMoney  5 годин тому +1

      @ 35 is likely the median figure

    • @General_Internet_Use_Only_x
      @General_Internet_Use_Only_x 5 годин тому

      @@DamienTalksMoney it seems to be in 2023 and in 2024 is apparently 40k but not in my case.. it depends of location , job type , and profession the people living in couples in one house will save of course more.. people living alone ( more n more ppl getting alone) will save much less or none..

    • @RRedmondiy43
      @RRedmondiy43 4 години тому

      £28k student loan saved which I didn’t use. Taxed at 6%, might just bang it in an all world, my salary will only ever be 50-60k

    • @kurtismunden4200
      @kurtismunden4200 4 години тому

      @@DamienTalksMoney I would like to add to this, I’m 35 now, take it back 2 years I had zero financial knowledge nor did I have funds or a strategy in place. All I can say is with a little focus and consistency I’ve managed to save and invest just over 15k in less than two years, that’s having a mortgage, kid, complications, along the way. The quickest way to make wealth is change yourself and change your habits, stop trying to find get rich quick schemes and focus on your goals, and your skills and how you can better that. Your money will grow, and as you become more unskilled that will boost the overall journey, thanks to

  • @VeronicaOlivers
    @VeronicaOlivers 27 хвилин тому +175

    Saved up $143k as my emergency fund, feeling all smug and ready to invest-then I see this video and realize I’m just another average Joe. 😂 Where’s the 'Beginner Investor's Survival Guide'? Someone point me in the right direction before I buy stocks in a sandwich shop

    • @SilvesterMiles-y4j
      @SilvesterMiles-y4j 26 хвилин тому +1

      Hey, $143k is no joke! But don’t dive headfirst into the deep end. I’d suggest sitting down with a solid financial advisor. Mine whipped my scattered plans into shape-worth every penny, trust me!

    • @blissds-gi3mb
      @blissds-gi3mb 25 хвилин тому

      Ugh, I hear you about the advisor thing-I need one too but have no idea where to start. How do you even find someone legit and not just a suit talking in circles? Help a fellow newbie out!

    • @SilvesterMiles-y4j
      @SilvesterMiles-y4j 24 хвилини тому +4

      There are a handful of CFAs. I've experimented with a few over the past years, but I've stuck with Linda Aretha Reeves for some years now, and her performance has been consistently impressive. She’s known in her field-look her up.

    • @VeronicaOlivers
      @VeronicaOlivers 24 хвилини тому

      Looked her up, and wow-Linda Aretha Reeves seems like exactly what I need to finally figure out this investing maze. Thanks for the tip!

    • @CharlotteJacobsons
      @CharlotteJacobsons 23 хвилини тому +3

      Watched Linda Aretha Reeves speak at a Bloomberg finance summit a few years ago-her presentation was phenomenal! Definitely someone you want guiding your financial journey.

  • @Neil.C57510
    @Neil.C57510 4 години тому +90

    14:31 "Should you wait until you have a partner"
    Unfortunately for many the number of adults who are single and living alone has been rising year on year. I know people in their 40's and 50's who have never met anyone. Some are still living at home with their elderly parents because they simply cant afford to move out. Awful state of affairs 😒

    • @modernmuslimdating7776
      @modernmuslimdating7776 4 години тому +12

      Definitely don't wait for anyone. If a person can afford to buy a property on their own then they should do it. A lot or asian families reside with their parents and grandparents so it can be cultural thing rather than a financial issue. 😊

    • @candybracelets
      @candybracelets 3 години тому +19

      This is a huge problem. Our economy assumes 2 working people per house and is priced accordingly, so anyone who can't find a partner is at a major disadvantage.

    • @nax1807
      @nax1807 3 години тому +3

      @@candybracelets getting on the housing ladder shouldn't be an incentive to find a partner, that is pure superficialism.

    • @LadyArdenta
      @LadyArdenta 2 години тому +3

      Also, there are the couples who have 2-3 kids then realise they are not meant to be together then split up in their 30s and all the lives crumble down and they start to live day by day with no option to save any.

    • @rinnin
      @rinnin 2 години тому

      💯

  • @FudgeMonkeySmurf
    @FudgeMonkeySmurf 5 годин тому +92

    Brilliant Damo! I am now 51 years old. It was by chance I tripped over one of your videos in early 2022 which pushed me to consolidate my three previous workplace pensions into one SIPP on Vanguard. Since then my personal rate of return is 38% as of today and over the past 3 years I have upped my contribution into my current workplace pension to now 30% of my salary because I've realised through finance content provided by you and others of similar quality that those contributions don't have much effect on my take home salary due to it being taken before tax.
    I also opened a Stocks and Shares ISA which I pay into every month. Education is key and at 48, I did not have a clue before stumbling across your content on UA-cam. So, I thank you very much for continued work on the subject.
    👍

    • @MrDuncl
      @MrDuncl 5 годин тому +1

      Showing how times have changed I was looking at old wage slips and in 1999 I was paying 6.9% for a 2% accrual final salary pension. Now the company scheme is DC I am paying in 29% with no guarantee of what that will get me. If I wasn't so close to retirement I would be tempted by a salary sacrifice EV instead.

    • @TrickyMicky123456
      @TrickyMicky123456 4 години тому

      The 30% does that include your workplaces' contributions?

    • @slayerrocks2
      @slayerrocks2 4 години тому

      ​@MrDuncl salary sacrifice car deals are very expensive. Might be worth it if all payments were at a higher tax rate.

    • @MrDuncl
      @MrDuncl 4 години тому

      @@slayerrocks2 A colleague reckons he priced a Porsche Taycan EV at £600 a month all inclusive. That in turn explains the massive depreciation on used ones.

    • @FudgeMonkeySmurf
      @FudgeMonkeySmurf 4 години тому

      @@TrickyMicky123456 Yes it does, I contribute 24% and work contribute 6%

  • @richardallin7202
    @richardallin7202 3 години тому +11

    That demo of Mean and Median using dice is brilliant and maybe underappreciated element of the video here. Thank you for including it as it helps the discussion!

  • @MrDuncl
    @MrDuncl 6 годин тому +71

    I know someone who lives in a £500000+ house paid for by fixing TVs in his garage. In the 1990s I often recommended him to people who were delighted to get their TV fixed for £90 rather than having to pay close to a months wages for a new one. When TVs changed to throw away flat screens he retired.

    • @DamienTalksMoney
      @DamienTalksMoney  6 годин тому +65

      The fact we don't repair tech and the way big tech has designed it to be like this is a crying shame.

    • @guyr7351
      @guyr7351 5 годин тому +11

      @@DamienTalksMoneymore like a scandal when you consider the metals within electronics. There is hardly any thought given to ease of repair / servicing. Take something like replacing headlight bulbs in cars, I have had models that require the wing to be loosened/taken off and the whole light assembly removed. Imagine driving at night and both bulbs blowing you basically need a recovery rescue for what should be a 5 minute job maximum.
      Great video and the way you get your puns in, well above median.
      Pleased to say I’m doing OK in my age bracket, but important to stress for people it’s what do you need V what others may have. Our requirements in retirement can be a lot lower than when we are working.

    • @glennwhitlock1272
      @glennwhitlock1272 5 годин тому +7

      I know a guy whose electricals repair business started going down the toilet when people started buying German goods. Then Dyson came along and he's never been busier

    • @DamienTalksMoney
      @DamienTalksMoney  5 годин тому +3

      @@guyr7351 scandal is far more appropriate yes

    • @Jordan-bn7rv
      @Jordan-bn7rv 4 години тому +1

      Planned Obsolescence is an integral feature of contemporary capitalism. Damo id love for you to have a Marxist economist on like Wolfgang Streek or Yanis Varoufakis. People don't realize our understanding of exchange value and capital come from Marx. Marx himself was an avid investor. I think you would love hearing ideas of ethics and capital criticisms whilst not putting people off investing. Just an idea. As someone in the realm of left thinking political theory, I believe you are the only influencer who could synthesise the two to a public audience. Nothing but love.​@@DamienTalksMoney

  • @sonofdom9828
    @sonofdom9828 3 години тому +22

    23:03 Can confirm from the other half (who is Thai) the writing on the foot spells "Fedoric".
    Great video as always!

    • @otum337
      @otum337 Годину тому

      Next video he better be wearing a fedora

  • @jamesdaw131
    @jamesdaw131 4 години тому +16

    Banger of a video. Must’ve taken ages to bring this together. Thanks.

  • @niallmurphy3850
    @niallmurphy3850 6 годин тому +150

    28 y/o with 0 savings (except pensions at a stretch). I’m pushing for £1,000 by the end of the month, targeting debts (like my car) and I hope by the next 3-5 years I’m debt free and pushing my savings, with a chunk going on s&p500

    • @chriswijnen3962
      @chriswijnen3962 6 годин тому +7

      Good Luck Bro im sure you got this now you have a goal set like you've mentioned. It's never too late!

    • @TW-mp8zx
      @TW-mp8zx 5 годин тому +23

      Dont just accept that your bills are what they are... i have managed to half my electric by a multiple of ways, i swapped out my kettle for an instant water boiler, dropped my boiler temperature from 80 to 55, dropped my hot water from 65 to 55 and programmed it for less time also insulated pipework. water usage have dropped that by 1/3 mainly by installing outlet restrictors and being more efficient when showering, my toilets are relatively new so already quite water efficient but i fitted a device that retains the height of the water but flushes out about 1 litre less each time.. all year i use reward credit card for every payment making sure the debt is fully paid up each month and the cashback rewards can save hundreds every year, and many many other things. Also using washing machine/dishwasher on eco mode actually saves alot of water and electric... while alot of peoples bills have been rising mine has been falling... it takes a while to tweak some things so they are still falling as of now.

    • @niallmurphy3850
      @niallmurphy3850 5 годин тому

      @@TW-mp8zx mobiles too, gone from £40 a month to just £8. Not falling for buying a new one when my 2 year old phone works just fine!

    • @ethanmalschuk
      @ethanmalschuk 5 годин тому

      Keep the momentum!

    • @joegreen5698
      @joegreen5698 5 годин тому

      How much is your car costing you?

  • @maxodidily
    @maxodidily 5 годин тому +57

    12:33 I came for the finance and stayed for the top quality jokes

  • @maxgain1
    @maxgain1 2 години тому +11

    Home ownership is not about expected returns, but about not paying a rent and paying it towards property instead, also it is insurance - once you own your home , it is so much easier to be financially independent going into retirement

    • @stumac869
      @stumac869 58 хвилин тому +1

      It also saves you money because the cost to service a mortgages goes down over time (less interest as capital gets repaid) whereas rents just go up. There are times renting can be useful but if you do it late in life it can become financially burdensome.

    • @dosaiba5294
      @dosaiba5294 52 хвилини тому +1

      I think its more about locking in a rate that favours you, unless you sell your house or rent it, it doesn’t matter how much you are paying into it vs rent.
      With renting, your landlord can choose to up the rent when they want and kick you out if you cant afford it, with a mortgage you lock in a price that suits you

    • @UKDagnar
      @UKDagnar 16 хвилин тому

      Seems everyone is obsessed with buying houses to rent them out etc. I just wanted to pay mine off so no matter what happens my family will have a roof over their head. Once that was done I started to panic about retirement :) Financial stress never goes away but I try to focus on not being in the worst place and I still have 10 years to prep for retirement. Doesn't help with these you tube financials telling you that £600k - £1.3 million pension pot is enough :(

    • @MrEdrftgyuji
      @MrEdrftgyuji 5 хвилин тому

      The other benefit is that you can't be evicted on the whim of the landlord. Once the mortgage is repaid, it is extremely unlikely that you will lose your home. Even if you have a mortgage and a short spell of unemployment, the bank is likely to put up with it, as the costs and negative publicity of repossession means banks are unlikely to go down that route unless they are forced to.
      That isn’t the case with renting, where your landlord can make you homeless with a month's notice.

    • @MrEdrftgyuji
      @MrEdrftgyuji 3 хвилини тому

      Also, when you rent a home, it isn't yours! Look at the conditions of the average UK tenancy agreement - no pets, no children, no repainting or redecoration, not even allowed to hang pictures on the wall!
      However, if you own your own home, you can customise it to suit your needs.

  • @s_don57683
    @s_don57683 5 годин тому +9

    Hi Damo, after a very stressful few days where I’ve had multiple house offers being declined as a first time buyer, this video has really cheered me up. For context I’m 32, earn a high income (close to 6 figures) and have rented my entire adult life. I’ve felt pressured to get on the property ladder for a while and being rejected for mortgages and offers is frustrating to say the least.
    However in 2020 based on your “how to invest in index funds” video, I started investing and am now at a place where my investments and emergency fund could cover me for 2 years if I wanted to stop working.
    This video and your messaging has given me hope to continue investing in my ISA and to enjoy my nice rented flat and to relax and just be patient for when I finally buy a home.

    • @kieron8051
      @kieron8051 2 години тому +1

      Sooner you buy a home, the sooner you pay interest to the bank. Don’t be disgruntled, sounds like you are nailing it 🤙🏻

  • @psprog
    @psprog 5 годин тому +15

    Spot on with "in your 50s can throw everything at the pension as can access it soon". Yup that's me - I can get at it this year and been salary sacrificing over 60% into it for a few years. I am somewhat playing catch up as didn't contribute a thing in my 20s (doh!)

    • @MrDuncl
      @MrDuncl 4 години тому +5

      In his twenties a colleague thought buying a new Subaru WRX was a better use of his money than joining the companies excellent DB pension costing a whopping 6.9% of salary.

    • @stevegeek
      @stevegeek Годину тому +1

      Salary sacrifice is a great idea. I'm retired now, but when working I too did this and saved on National Insurance etc. I also had an annual bonus which I paid into my pension and saved a ton of tax.

    • @psprog
      @psprog Годину тому

      @stevegeek Yup - we get a small bonus most years and I tell HR to pay it straight into the pension. It all adds up!

  • @shoelessjoe428
    @shoelessjoe428 3 години тому +4

    I started watching this being unsure of why I was watching - I know some of the stats associated with the headline. I was expecting you to basically just present the numbers, like so many. But you have a great approach which is really informative. Analysing what the numbers presented actually mean. Presenting in a clear, concise, relatable way. I think a lot of people know what's good for them, but they don't know just how good. I've been immersed in number crunching for a while. One of my parents has been diagnosed with dementia in her late 70s and it's made me realise that retiring at 67 is a stupid idea. I think a lot of people have unrealistic expectations of working like a slave later in life. That's not the name of the game. I think most people would be wise to plan to retire at atleast 60. If health doesn't force you into this, redundancy might. Or boredom.

  • @muizzy
    @muizzy 4 години тому +14

    It's always shocking how bad the financial situation is of people living in the UK. You wouldn't guess it from the outside, but the moment you look it shows just how bad the country is doing..

    • @MovisFun
      @MovisFun 4 години тому +4

      Nothing Great about Great Britain, as someone who moved to the UK I feel like I had been fed a lie before my move

    • @sirjackson321
      @sirjackson321 2 години тому

      @@MovisFunwhere did you live before the UK?

    • @MovisFun
      @MovisFun 2 години тому

      @@sirjackson321 Poland

    • @UKGeezer
      @UKGeezer 2 години тому +3

      Yeah, the streets in Britain are definitely not paved with gold like most migrants believe. If you like plenty of potholes and taxed to the teeth, however, Britain is the place to come.

    • @commanchi7
      @commanchi7 Годину тому

      @@MovisFun Most western countries are being run into the ground just to keep the 0.1% propped up and wealth travelling in one direction.

  • @alistairrobinson3865
    @alistairrobinson3865 5 годин тому +14

    Great analysis mate!! 🙏. Biggest takeaway is that home ownership isn’t essential before 35-45, but investing in pensions & financial assets ASAP in your 20s is! 🙏

    • @mrmeldrew693
      @mrmeldrew693 4 години тому +1

      It's a big priority for a stable family life though and house price increases will likely outstrip savings.
      My house has definitely 'out-earned' my wife over the past nine years by just existing.

    • @NoteSelf
      @NoteSelf 3 години тому +2

      Your house doesn't "earn" anything until it's sold. Or unless you rent it out.
      Way I like to see it is Pensions give an immediate 20/40/45% return based on the income tax / NI saving.
      Add the employer contributions (which increasing would be a cost effective way to offset their NI Increases) and it's a better early focus.
      Especially with mortgage rates increasing

    • @dylanevans5644
      @dylanevans5644 3 години тому +1

      It is worth remembering though that once you get past 35-40 mortgage terms become less favourable (as 20-25 years tends to be the max age for the lower rates) along with the shorter time span increasing the monthly repayments.
      If you are with a partner and financially stable then this kay not be a problem, but it is worth noting if you are thinking of delaying that house purchase.

    • @alef2025
      @alef2025 2 години тому +1

      And I know it's difficult to get the money for the deposit, but by paying mortgage of your OWN house instead of paying rent for somebody else for me is a no brainer, must go with Mortgage if you can...but totally understand the hustle to be able to be accepted a mortgage...

    • @mrmeldrew693
      @mrmeldrew693 2 години тому +1

      @NoteSelf by saying 'earning' I was commenting more on house price rises meaning getting on the ladder as soon as possible is generally a good idea.
      I've had good payrises in the nine years I have owned my house, but doubt I'd get accepted for a mortgage on it if I was starting again now.
      Kids now have it rough.

  • @-TheSingularity-
    @-TheSingularity- 5 годин тому +15

    I did this after 2008, my top tip for anyone, have a financial plan, even if it changes every month, track your money, even if it’s just a note on your phone every month, once you do this, you will surprise yourself, the key thing is to actually look and take note

    • @DaddyBiscuits
      @DaddyBiscuits Годину тому

      I did this, and after a while, it just became habitual. I saw other people's habits evolve to spend £200 a week on groceries, whether they could "afford" to or not. I still spend around £20 a week on food, mostly fresh meat and vegetables with very little waste, and gaslit into being told that it's impossible to do. Funnily enough, I've also never spent more than £120 on a mobile phone, which was in 2020 when I bought an old iphone 8 second hand, and still use it now. It doesn't seem sensible to spend a similar amount on a phone that I spent on buying my car. I have three houses.

  • @solkar7
    @solkar7 5 годин тому +48

    Glad no one is taking pictures of me and all my Warhammer 🤣

    • @DamienTalksMoney
      @DamienTalksMoney  5 годин тому +19

      That stuff is priceless! I have a chaos Defiler in the box not opened from my youth, I never got round to building it

    • @horusxgergorio
      @horusxgergorio 5 годин тому

      @@DamienTalksMoney Hopefully one of the boxes with the sick art on it. God I wish they brought back box art...

    • @MrPegusis
      @MrPegusis 4 години тому +3

      Keep buying it mate. I own shares in Games workshop 😉

    • @h418lfc
      @h418lfc 3 години тому

      I tell myself the same about my pokemon cards I collected during my paper round in 1999.

  • @eddiebruv
    @eddiebruv 3 години тому +6

    You find out the true value of items when the owner dies. Most of my late Mother’s furniture was taken to the dump. Her nik naks, pictures, ornaments, clothes etc didn’t even interest charities. But it all meant something to her and apparently had some value when she was alive.

    • @hachimaru295
      @hachimaru295 46 хвилин тому

      thats about the size of it, I'm afraid

  • @leesalter7087
    @leesalter7087 5 годин тому +10

    You always make me feel better about my situation! Thank you!

    • @DamienTalksMoney
      @DamienTalksMoney  5 годин тому +2

      My pleasure, you really should feel good about where you are at and most importantly where you are going.

    • @leesalter7087
      @leesalter7087 5 годин тому +1

      Deep down, I know I'm doing okay! Despite of a few financial shocks, the fact I had savings and investments was the biggest reason I weathered the storm. I'm just someone that doesnt thing he's any good! But I'm going to give it all I got in 2025, thanks again and all the best for the year.

  • @DanRobards
    @DanRobards 5 годин тому +24

    Phew. Thought you were going to make a mess with peas again for a second there haha

    • @DamienTalksMoney
      @DamienTalksMoney  5 годин тому +6

      I am still finding them today!! Like little green bullets now

  • @amberellis8426
    @amberellis8426 4 години тому +7

    In the summer I bought studio flat just an hour out of London at 25, without my parents financial support. But I definitely had emotional bank of mum and dad! My dad built my furniture, put my tv on the wall, mum listens to me stress out during the buying process.
    I’m still not 100% I made the right choice to buy at my age, it’s definitely financially stressful as a single person. But for me it wasn’t the financial possibilities. I bought my flat because i was fed up with crazy rental prices to have just a box room in the city. And oh my god do I love having my own place

    • @alef2025
      @alef2025 2 години тому +2

      i think you made a great choice!

    • @wl660
      @wl660 2 години тому +3

      Defo the right thing. Your future self will thank you. Rents only going up. In 5-10years your mortgage will be 1/2 of what it is in real terms

    • @wintersnowowen2254
      @wintersnowowen2254 Годину тому

      Well done, this is an amazing thing to do at 25!

    • @DaddyBiscuits
      @DaddyBiscuits Годину тому

      I did the same in London, 20 years ago at 23. It was definitely a good choice, while friends and peers with equal earnings took the attitude of "never being able to afford to buy" - they still can't afford to buy.

  • @excessivefreerunner
    @excessivefreerunner 5 годин тому +10

    The financial wealth segment was particularly scary, I wish the government and education system did more to inform people about the power of ISA's, S&SISA's specifically and compounding!

    • @StopForcingPlusOnUs
      @StopForcingPlusOnUs 4 години тому +3

      It really is horrific, even as a kid I thought it was ridiculous how little information I had been given.

    • @stevegeek
      @stevegeek Годину тому

      Totally agree. Teaching about personal finance should be mandatory at school. So many people are clueless and as a result live a lifetime of poverty and / or trapped in jobs they don't enjoy.

    • @hotep9544
      @hotep9544 Годину тому

      Ive not got many savings or assets and have always felt guilty about what I might not be able to leave to my son as inheritance, or ending up being some what of a burden to him.. but learning all this and teaching him, I feel is an asset itself. From what I’ve now learnt I can start saving myself and educate him and give him a good start.. maybe even more so than someone who is left inheritance but no knowledge 😊

    • @philipjones3599
      @philipjones3599 36 хвилин тому

      Doesn't make sense for most to hold financial wealth due to benefits.

    • @MyAirMyles
      @MyAirMyles 30 хвилин тому

      The government doesn’t want people saving and investing, they want you spending and neck deep in debt to keep the facade of the economy going. That’s why it will never be in the school curriculum.

  • @TimeIILight
    @TimeIILight 3 години тому +6

    Managed to save £3000 in 2024. Have now spent it all as my work dried up. Back to square 1 and still living in someones spare bedroom 😂

  • @robbog7119
    @robbog7119 3 години тому +3

    First time viewer from Thailand and can confirm your tattoo says Frederick, with some slightly sketchy handwriting!
    Great vid, will be back for more!

  • @willia_mbrown
    @willia_mbrown 18 хвилин тому +1

    Best personal finance channel on UA-cam hands down

  • @blahmaas
    @blahmaas 2 години тому +2

    Your content, mate....Absolutely brilliant.

  • @Annamalaibatsha
    @Annamalaibatsha 2 години тому +1

    I am not even in the Uk, in the US but came here for your excellent analysis skills. Very good video, holdsgood for everyone whether in UK or otherwise.thank you.

  • @hernamenaomi
    @hernamenaomi 3 години тому

    Fantastic video! So grateful you used all different types of measurements rather than going straight for the average as A LOT of people do!

  • @xKaNtOzz
    @xKaNtOzz 36 хвилин тому +1

    It's crazy to see these numbers as a person from another country.
    With the UK average I would roughly be in the 45-49 age bracket as a 29 year old.
    I started saving for my pension at 24 years of age. Im Currently 29 and have right arround 50k quid in my pension.
    I bought my own appartment 3 years after graduating from university at a fixed interest at 1,008%.
    When I was younger I tought I would never own a home, but here I am at 29 years of age having my own place in one of the most expensive cities in the world (Copenhagen)
    From my own experience, my wealth started accumulating after I got my own place.
    For those who might say they never will own a home, I get it, but sometimes you just have to put aside "fun" and forget about materialistic things for a while.
    Those 3 years of saving up, eating nothing but oats and oatmeal for every meal, skipping birthdays etc. are worth it in the end.

    • @MyAirMyles
      @MyAirMyles 28 хвилин тому

      That interest rate is criminal. You’ll never pay it off.

    • @xKaNtOzz
      @xKaNtOzz 16 хвилин тому

      @@MyAirMyles Maybe the meaning of interest is different in the UK compared to here - or I just might be bad with English words.
      I'm currently set to have paid it off in 14 years (I will most likely pay it off faster) - My loan from the credit institution is set on a fixed rate of 1,008% of the actual loan - compared to 4-5% rate on loans right now.

  • @stevegeek
    @stevegeek Годину тому +2

    Very interesting. The average financial wealth is shockingly low. One thing where I disagree is regarding the pension, needing X% of the salary in retirement (where X = 60% mentioned here, but I've seen other numbers). I've never understood this concept. Surely the amount you need to live in retirement depends on your outgoings, which is not necessarily related to salary. I'm retired now, and living comfortably on less than 25% of what I was earning when I was working.

  • @houseoftandy
    @houseoftandy 12 хвилин тому

    Such a well scripted video, so informative and mildly entertaining, if you're into that mode of things.. Thanks Damo for another good one!

  • @donx4
    @donx4 2 години тому +2

    Constructive feedback , was listening to this in the gym, was hard to follow with out the visuals. You referenced figures but didn’t say them. Love what you’re doing Damian ! Keep it up brother 💪

  • @AlisonWonderland999
    @AlisonWonderland999 3 години тому

    You've helped me such a lot Damo, and I'm in my 60s and had already messed up finances in a way that I (wrongly) thought was beyond salvaging. I love how interesting you make this dry data. Just a couple of observations from my own experience: I've lived in four different countries, and the UK has the most proactive incentives for investment. This probably plays into the value of UK property, but also means that saving is possible in a way that other countries simply do not support. The other thing is that your choice of partner is really important. I see people of both sexes drifting into a lifetime commitment with someone whose company they tolerate rather than enjoy, and they end up enduring a shitty relationship for economic reasons. Whatever age you are, quality of life depends on not doing this and it's worth finding another way forward, however hard it may seem. And finally... if you're really good at your job, and cover for everyone else in the office, and can see a way of going freelance, do it. Not sure if this is the place to make these comments but there you go, my tuppenny-worth 😁

  • @johnshearer7213
    @johnshearer7213 5 годин тому +4

    At 66 years old I have just started learning to read and write Thai, about one hour each morning. My best guess for your son's name is Richard. However, I am only guessing on what some of the letters are meant to be.
    Unfortunately, financial literacy was not taught at school, I managed to pick up some along the way, but earlier would have made a big difference, so I will forward this video to my stepson. 5 in Thai is Ha, so 55

    • @hachimaru295
      @hachimaru295 44 хвилини тому

      Actually came up as Frederick at one stage on my translator.

  • @pelocitdarney5718
    @pelocitdarney5718 3 години тому +1

    I hope you still have the Billy bookcase, which was your only physical asset when you were younger. A sound investment.

  • @calibrepowa1762
    @calibrepowa1762 2 години тому

    3:32 - this could be because parents who are being surveyed are not counting stuff given to the kids as their own stuff - then after kids move out and some inheritance from grandparents kicks in, totals rise again. Don't know, haven't read the study!

  • @kingmoochoo
    @kingmoochoo 3 години тому +4

    Most workplace pension schemes dont match your contribution but do the minimum 3%

    • @wl660
      @wl660 2 години тому

      It should not matter to you what most do. Just the one you are in. If no good - look for a new job. Employers won’t change unless people leave looking for better.

  • @jamiep5215
    @jamiep5215 5 годин тому +7

    14:50 - 14:52 - These are extremely powerful words and words the younger generation need to hear and understand.

  • @eliseumds
    @eliseumds 3 години тому

    Very well articulated. I hope this video reaches people in other countries as well.

  • @elrumblo4239
    @elrumblo4239 4 години тому +7

    I asked my Thai friend in Bangkok what the tattoo says, she says "Frederic"

    • @nick-long
      @nick-long 3 години тому

      My Thai wife also said it is "Frederick"
      เฟรเดอริก​ try google​ translate.😀

  • @DixieDaydreamer
    @DixieDaydreamer 2 хвилини тому

    Two of the best decisions I ever made were, first I took out a 10 year term mortgage in 2006, it was 10 years of cronic stress but 2016 and a noose came off our necks and our little "crap shack" is ours and all ours, it's quadrupled in value since we bought it and we intend to sell it to downsize for retirement. The second decision was back in 1990 the guy my dad forced me to see about my first pension told me, "Save 20% a month, every month without fail and I can gaurantee you'll retire by age 60.". I've probably got closer to 25% every month in savings and pensions for over 30 years now and to his credit he was right, in fact I had enough to retire by age 48 but it's locked until I'm 55, so I'll be retiring at age 56 in a couple of years time with enough saved that every 12 months it will earn me 2-3 times in returns what I've actually planned to live on every year, even in bad years I'll still have enough to live without worry.

  • @Oxers-KO
    @Oxers-KO 4 години тому

    Love your passion for pensions, ISA’s and explanation regarding compound growth. It’s a pity the younger generation aren’t taught these basic principles at schools, colleges and universities. In my experience so few people know about stocks and shares ISA’s and over the long term are missing out on a great deal of growth.

  • @LickorishAllsorts
    @LickorishAllsorts 4 години тому +1

    Don't swing that barometer about too much, the thermometer box is only attached by a hook plate and screw!

  • @nishnosh
    @nishnosh 4 години тому +2

    Another fantastic video Damien. You 🪨!
    I’m 26 and I’m focussing on setting myself up well financially. Another 5-10 years of doing what I am now will mean I will be cruising at 35. Long way to go though….i just wish the financial education was better in this country. You are doing amazing work

  • @MrDuncl
    @MrDuncl 5 годин тому +1

    17:33 I think you mean a median pension pot, not income.
    Regarding pensions they definitely need to be considered when comparing salaries. My employer offers a match plus scheme paying up to 15% into a pension. So that could be effectively worth 12% of wages compared to a company paying the minimum.

  • @ttrjw
    @ttrjw 34 хвилини тому

    In the UK we are very lucky that we have good tax-advantage savings schemes as an alternative to property. We've pensions and ISAs which are very generous by international standard. In Ireland pensions are less flexible and ISAs don't exist - so the Irish use property (their homes) as an even bigger savings vehicle.

  • @guyr7351
    @guyr7351 5 годин тому +1

    I like the way you showed that even in 50’s it’s not too late. I was in the position that at this age I had me best paying job. I made sure I did not just spend the extra cash coming in. Bonus would go into pension. I maximised company match. Debt was minimised.
    During this period I also inherited and used the monies across pension, mortgage and investment.
    I’m retired but next month receive a DB pension, I could clear the mortgage (1.29%) £67K with the tag free sum, but I can save/invest/use this cash as the mortgage is budgeted in my income plans. This is my last chance to have a nice sized cash pot that can be easily accessed / used. And at 65 would not have the time to rebuild that cash pot if I did clear the mortgage.

    • @MrDuncl
      @MrDuncl 5 годин тому +1

      Years ago there was a good advert from a well known finance company. "The difference between starting a pension late and not at all". The "late" picture had a well maintained house with a Austin Metro parked outside. Interestingly the "not at all" picture implied home ownership but zero money for anything like a car of home maintenance.

    • @guyr7351
      @guyr7351 4 години тому +1

      @ funnily enough I was thinking why is there no public info type film promoting saving into a pension from age 20 showing how a modest amount can grow to a substantial sum over 40 years.
      I actually did some simple excel spreadsheets to show a younger worker where my wife works how £50 a month half of which is tax relief and company contribution could grow assuming 5% a year. Eye opener for her as it is for many.

    • @MrDuncl
      @MrDuncl 3 години тому

      @@guyr7351 In some ways things are better with auto enrolment. However, in the past it was usually a case of join the companies DB scheme and then not have to think about pension until you retired. In 1990 when I moved jobs it was a simple "do you want to join the pension scheme ?" which I recall was 1/80ths of final salary accrual. "Returns" were irrelevant to employees.

  • @stras676
    @stras676 3 години тому

    This has actually been a very reassuring video for me! Because for the last few years I've been aware I was 'behind' in some areas. But seeing it all laid out by category and realising I'm ahead in Total wealth is a big weight off. As I take the next year to adjust the balance slowly, it'd be great to have a very similar video next year to see how I faired!

  • @Mogzilla86
    @Mogzilla86 5 годин тому +1

    Suddenly feel vetter about my financial position thanks!!

  • @davidcopsey8838
    @davidcopsey8838 3 години тому

    Great video!
    You referenced Eliza Filby’s work on the bank of mum and dad.
    I think she’d be a great guest on the making money podcast

  • @oxdoc
    @oxdoc 3 години тому

    Hey Damo 👋🏻 long time sub here. Appreciate your videos my man.

  • @kieronpeto2321
    @kieronpeto2321 4 години тому

    Good insight, time is by far the greatest wealth by the way, without it, the rest is worthless

  • @k_a47
    @k_a47 Годину тому

    I do wish they did a modal measure because highest figures and lowest can completely skew data but understand why.

  • @jessicajasarevic5207
    @jessicajasarevic5207 3 години тому

    Awesome story telling really appreciate your channel! Kind regards from Switzerland:)

  • @br4dburn
    @br4dburn 3 години тому

    Outstanding video, extremely well articulated and spot on for each of the age groups I’ve passed through

  • @won2winit
    @won2winit 4 години тому

    58 and about to sit down with a financial advisor as planning for me, my wife and our three adult kids.
    Have a Salary end pension from a previous employer that starts paying out at 60, as well as a workplace pension that I'm sacrificing 10% of my salary monthly for last 4 years but and was 5% before.
    I also have a retirement pension started with the excess as I took the tax free part of my current workplace pension and paid off my mortgage.
    So looking to see if I'm getting the best out of it and if not move it and see about moving my workplace pension into it annually, maybe cancel the salary sacrifice and just invest directly into the better pension.
    So looking at best options for the salary end pension is priority "take tax free element and a lower pension, take a higher pension straight away or wait till 2026 and taken the max pension" between the lowest and highest pension it's £5k a year.
    The workplace and retirement pensions might end up being piggy banks if an annual pension is not worth taking.

  • @Vincento00
    @Vincento00 4 години тому

    Well put together video. Everything ties in nicely. Thanks Damo for all that you do.

  • @MariusMunteanu1109
    @MariusMunteanu1109 2 години тому

    The end was brilliant 😂, thanks Damo!

  • @thomasbrownrigg3915
    @thomasbrownrigg3915 4 години тому

    Love your videos Damien. Think they are so clear and easy to understand. Im really pleased with where I am currently. Wish more people were aware of their personal finances.

  • @ManyMannyMan
    @ManyMannyMan 2 години тому +2

    Shout out to Damo's MVP: the tesco WiFi

  • @itsjoel
    @itsjoel 29 хвилин тому

    My wife & I are both mid 20s business owners. We have an investment portfolio, but haven’t specifically set up a pension. What’s the best pension scheme for self employed couples?

  • @lukebampton
    @lukebampton 4 години тому

    This is an absolutely fantastic piece of content. Delivers on content, clarity, humour, and personality. Thanks Damo - keep 'em coming!

  • @martinrafe5451
    @martinrafe5451 5 годин тому

    Love your channel .,, honest, realistic , gets you acting!

  • @LadyArdenta
    @LadyArdenta 2 години тому

    Watched it and it is muchly appreciated. Thanks again for a very informative and eye-opening video ❤

  • @janeknight3597
    @janeknight3597 5 годин тому +4

    Savings yes! BUT it is important to sort out how to check your State Pension and then check it every year. A full record is the equivalent of 1/4 million of capital to give you an income in retirement but you need 35 full years to get the full value. Make sure you get a full year every year.

    • @guyr7351
      @guyr7351 5 годин тому +1

      Not sure you need to check every year, surely first time you check you can see past record and any shortfalls. You know if in a full time job you will be paying a full years NI if on min wage 40 hrs wk

    • @MrDuncl
      @MrDuncl 5 годин тому

      You don't have to earn very much to get a full year in. If you don't manage that the return on buying extra years can be around 40% ! The only question is whether the people don't pay in can just claim pension credit instead.

    • @peterh9238
      @peterh9238 3 години тому +1

      Its important to understand the UK state pension is a BENEFIT
      There is NO guarantee you will actually get it. It may well be 'means tested' in the future or put out to 70 🙁
      I hate to say this, but i wouldn't be relying on getting it, even having the max 35 years NI contributions. (esp if you have other income from a private pension or rental property)

    • @guyr7351
      @guyr7351 3 години тому

      @ for sure at some stage in the future I can see assessments around means testing for those receiving it. I’m due mine Feb 26 and think if they do bring this in a few years notice will need to be given to allow people to make alternate plans. Auto enrollment almost ensures something like this happens. What might happen is that there is a smaller basic pension and then cutting off any further payments if you have extra income. A bit like we have now but a lower starting point

    • @MrDuncl
      @MrDuncl 2 години тому

      @@guyr7351 I think the first thing to go will be the triple lock which is looking increasingly unsustainable. Maybe we will end up with a means tested triple lock.

  • @Nonixification
    @Nonixification 3 хвилини тому

    in 2011 when I came to UK I was shocked how many people renting and dont have their own house/flat. Where I came from thats the worst what you can do, its almost like being homeless.

  • @TheGoldenMiner
    @TheGoldenMiner 4 години тому

    What pension calculator was that? Do you have a link ?

  • @stuartthursfield4333
    @stuartthursfield4333 3 години тому +3

    I’m 34yo, only took investing seriously about two years ago. Pension was at £6k and no other investments. Now two years later I’ve got £31k spread across work place pension, S&S ISA, S&S LISA. When I started paying attention to it I only stepped up contributions by a small amount and it’s getting more and more. Starting out is the most important thing you can do. You’ll surprise yourself how much money you’re really wasting on a monthly basis. Three years ago I couldn’t imagine being able to put that aside.

  • @annawong1305
    @annawong1305 5 хвилин тому

    I watch quite a few finance channels that have covered this topic and loved this version with added content and positive advice. I'm surprised on how low the median valuations are, though, its quite worrying.

  • @moon1val
    @moon1val 5 годин тому +3

    Great video

  • @joshlang6442
    @joshlang6442 3 години тому +1

    "comparison is the theif of joy"
    that said i'm skint

  • @simonperrins5175
    @simonperrins5175 4 години тому

    A very good video - we need to move more into stock and shares, in my opinion, rather than focusing solely on property. We need a portfolio of different assets.

  • @annesander61
    @annesander61 3 години тому

    Some great infirmation Damien, especially about how much of a difference investing even small amounts into a pension early in a working life can make to a person's wealth in retirement.

  • @DaddyBiscuits
    @DaddyBiscuits Годину тому

    I can't come to terms with putting it down to luck that parents choose to keep money aside to help their children buy a home. It's due to their choice to do so. As more people spend a larger percentage of their usual monthly income, leaving them living hand-to-mouth, it becomes exponentialy more beneficial to buck this trend. Putting it down to "only" daily £5 coffees and £1000 phones isn't very nuanced, but those who do this often have lots of other similar contributing factors which lead them to being perpetual benefit recipients (bear in mind, most people aren't net tax payers, even those who are strictly "on benefits"), and home renters. As soon as you become a renter/buyer, you're already choosing to give your earnings to richer people, contributing to the "poor get poorer, rich get richer" dynamic. I'm now old enough to hear people half my age say "I'll never afford a house", but this is what people my own age said 25 years ago at the same time I was buying a house I saved for on a much less than average salary for the time. I didn't have to be better than everyone, just the people who said "I'll never afford a house".

  • @laurindamota5791
    @laurindamota5791 58 хвилин тому +1

    I do have a Nest Pension and a stocks and shares ISA. I am trying to figure out if it's financially better to invest in the Nest Pension or in the stocks and Shares ISA! That would probably be a good subject for Damo next video.😊

  • @spiritusinfinitus
    @spiritusinfinitus 9 хвилин тому

    I would definitely be using those dice to generate the private keys for a bitcoin wallet, then deep diving into that subject. Minimum 100 hours. Seriously.

  • @meganeves6071
    @meganeves6071 4 години тому

    Thank you for always providing reassurance and realistic quality content in your videos. So many financial educators are too far removed from the everyday person and you always make money seem approachable. 👏

  • @DavidMcCartney789
    @DavidMcCartney789 5 годин тому +2

    Does the tattoo say "compounding" in Babylonian scripture? Great video as always Damo!

  • @OGillo2001
    @OGillo2001 4 години тому

    Nice work, thanks!

  • @gothenburg83
    @gothenburg83 5 годин тому +5

    Did you say only 6% of people have a S&S ISA?

    • @DamienTalksMoney
      @DamienTalksMoney  5 годин тому +6

      6% of adult’s yes
      Here is the source for you
      www.finder.com/uk/share-trading/share-trading-research/stocks-and-shares-isa-statistics

    • @gothenburg83
      @gothenburg83 5 годин тому +9

      @DamienTalksMoney that is worryingly low. But I understand why... Only 3 or so years ago I wouldn't have considered having one as I simply did not understand what it was and why I would need one. Educating people on what a S&S ISA is so important. But it is so difficult to educate people on something even they do not realise they should be educated on. Same goes for inflation, index funds etc etc.
      I can talk to friends and family about these things and they look at me as if I have 3 heads.

  • @kieletherington4352
    @kieletherington4352 3 години тому

    You do alot help me get out my struggle yhank you

  • @christophermills1733
    @christophermills1733 5 годин тому

    Excellent video, Damo! Hope all's well your side of the world.

    • @DamienTalksMoney
      @DamienTalksMoney  5 годин тому

      Things are great mate thank you I hope you are well?

  • @Homecastlefoundation
    @Homecastlefoundation 2 години тому +1

    Your tattoo is thai script for "farang", meaning "foreigner"

  • @80y3r9
    @80y3r9 5 годин тому

    Good macropod buddy!

  • @squibys2262
    @squibys2262 3 години тому

    How much of that physical goods is actually theirs outright? i bet mostly on BNPL or credit. Once its in our possession most will not say its a debt item.

  • @fireblade-uk
    @fireblade-uk 4 години тому

    I'm doing way better than average. That's good to know and definitely makes me feel good. Pension could be better (guilty of not contributing to my pension in my 20s), but financial wealth makes up for it.

  • @rocksy71
    @rocksy71 6 хвилин тому

    You mentioned about owning your own home and also paying into a pension plan, the beauty of actually owning your own home paid off in full is once you have succeeded in that goal instead of having the additional payments that you would’ve paid in mortgage in your hand to spend you add your payment to your pension Contribution therefore Increasing your opportunities in drawdown but like you say if you are making larger contributions in your youth rather than your dotage those extra donations will be worth far more in the future with compounding than any payment you could make just before retiring

  • @DaingerMouse2
    @DaingerMouse2 Годину тому

    Great video Damo. Positive view on things.

  • @tavners8044
    @tavners8044 2 години тому +1

    Thanks damo feel happier now. 43

  • @pan5001
    @pan5001 5 годин тому

    Loving the banging soundtracks on your videos lately Damo ;-)

  • @auwz66
    @auwz66 4 години тому +10

    Regarding property ownership for the younger generations, there is another issue. Its psychological. They live in a “here and now” world and a lot of young people convince themselves they can't buy, but in reality they dont want that commitment.
    The other issue is the younger generations like to rent properties they would struggle, or could not, afford to buy. This “here and now” gives them access to a property that is above their pay grade, so to speak. I know quite a few couples in their late 20s who have skipped from a flat, 2 up 2 down, 3 bed semi and gone straight into a 4 bed detached house but rented.
    We live in an instant gratification culture and your average 25 year old does not want a small flat or terraced house to get their foot on the ladder.
    Feeds back to pensions. Your average 25 year old thinks 65 is… 65 years away. Its not its 40. And they don't realise that the first half of that is going to fly… like in the blink of an eye they will be 45. Secondly they don't realise that when they get to 50 or 55 they will probably be very, very bored of working…
    We live in an age and a country where you can pretty much do anything with effort. I mean look at this information on youtube I wish I had access to this sort of stuff when I was in my 20s.

    • @Capture262
      @Capture262 4 години тому

      Well said

    • @matgamer5916
      @matgamer5916 4 години тому

      Inflation 👀

    • @mrmeldrew693
      @mrmeldrew693 3 години тому

      Yikes.
      I own my four bed detached and when I see similar properties pop up for rent am amazed at how much they cost per month compared to my mortgage.

    • @timcoultas1512
      @timcoultas1512 3 години тому

      It's very easy to live in the here and now world when an optimistic future doesn't seem likely.

  • @MightyMarsh
    @MightyMarsh 4 години тому

    I wouldn't say it's hard to save up enough money for a deposit. The problem is how long it takes. As house prices increased that minimal percentage deposit has ever also kept growing. It took me 5 years of constant saving (from age 25), on around minimum wage to finally get enough together for a sizable deposit. Most people around that same age either don't start because they see it as impossible to save for a disposit or would rather spend their minimal capital on one-time things/depreciating assets. (car, mobile phones, holidays, etc). Then they have nothing to show for it by the time they hit 30.

    • @thelight1385
      @thelight1385 2 години тому

      Did you live with your parents? Because on minimum wage when rents and bills are so high too I can’t imagine saving much. Especially here in London

  • @rudiarendse8597
    @rudiarendse8597 2 години тому

    The best information I've taken away is to tackle my monthly expenses and categorise them into wants and needs, I've seen I can tackle my debt by giving up some of my wants like takeaways, subscriptions and monthly Xbox costs to be debt free in a year. Sounds good but this is a product of watching videos like this and looking at my expenses.

  • @fontastic8850
    @fontastic8850 2 години тому

    For the tattoo, it is เฟรเดอริค or Frederick. Not sure about the reason behind the tattoo. Best not doing the same on the other side😅 I enjoyed watching your channel. Keep doing the good work 👍

  • @sebastien4116
    @sebastien4116 2 години тому

    Good video, thanks.
    The median savings is quite concerning. So many people wouldn't really survive any "major" life event, like redundancy or having to replace a boiler or repair their car.
    The median amount of private pension saved is very concerning too. Many people sleeping walking into a poor retirement, and the government doing very little about it. I don't see plans for higher mandatory contributions, or even communication campaigns, mandatory "retirement health checks" etc.

  • @Ian-gf8id
    @Ian-gf8id 4 години тому

    Another great episode - absolutely bang-on the money (intended).

  • @hrhpaul
    @hrhpaul 4 години тому

    Having lived in France for a decade, wealth there was never measured by the size of you property but more so by the amount of fire wood you'd accumulated.
    I started my financial awareness in the early 90s with the program Microsoft Money. What it taught me was not to bury my head in the sand... Ups and downs along the way but overall I'm about where I'd hoped to be... Thanks for the video..

  • @nitroformula05
    @nitroformula05 4 години тому

    Really interesting video, thanks..

  • @GavLiddle
    @GavLiddle 5 годин тому

    You should cover the “great taking”