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Brush up on your financial literacy to make the most out of your investments
Six in 10 people believe that a lack of financial education is holding them back from reaching their financial goals. We debunk their top excuses.
In the recent Emerging Affluent Study 2018, more than half (52%) of the respondents across 11 countries stated that they are “very far” or “far” from achieving their first financial goal, be it setting aside an education fund for their children or starting their own business.
So why aren’t more people learning about investing? Here’s some of the top excuses we have heard and here’s why they just don’t cut it anymore.
Yes, there are varying degrees of risk when it comes to investing but risk is also linked to return. You are already saving your money, so why not make your savings work hard for you?
For conservative investors, go for endowment plans, some of which may have guaranteed returns. If you can stomach more risk, consider mutual funds, which invest in a wide range of assets, which are generally less risky than investing in single stocks.
Do you remember the days back in school when your parents encouraged you to study maths even though you found it really boring? In the same vein, you might not think that finance is the most exciting topic in the world but like maths, financial literacy is a must-have.
Financial calculators can help you simplify the process of calculating your investment returns, how much you need for your retirement or how much you need to save for your children’s education.
If reading long market reports turns you off, go for bite-sized summaries provided by banks and financial institutions. These can give you an overview of the market and a better idea of which geography and asset class to invest in.
Seeking help from a financial advisor, whether you are chatting online or face-to-face, can help to get you up to speed with the latest market updates.
Some people worry that they will need to spend a lot of time reviewing their investment portfolios. But checking too frequently may even lead to making some bad short-term decisions. Generally, a half yearly review may serve the needs of those with diversified portfolios across asset classes.
Still not convinced? Consider investing in mutual funds. These are professionally managed, taking the hassle out of the investment process, leaving you with more free time to spend with the people you love.
Many people are so worried about looking uninformed that they would rather not ask about investing at all. If you ask yourself these basic questions, you will be well on your way to starting your investment journey,
Want to learn more? Make an appointment with us today.
This article is for general information only and it does not constitute an offer, recommendation or solicitation to enter into any transaction. This article has not been prepared for any particular person or class of persons and it has been prepared without regard to the specific investment or insurance objectives, financial situation or particular needs of any person. You should seek advice from a licensed or an exempt financial adviser on the suitability of a product for you, taking into account these factors before making a commitment to purchase any product. In the event that you choose not to seek advice from a licensed or an exempt financial adviser, you should carefully consider whether the product is suitable for you. You are fully responsible for your investment decision, including whether the Online Trading service is suitable for you. The products/services involved are not principal-protected and you may lose all or part of your original investment amount.