Money Tips For Teens - Saving for the future

Save for the future

• Long term gains

  If you are planning to start saving for your future it’s good to take a long-term approach and begin saving as early as possible to ensure you earn as much interest as you can on your savings.

  Having your money in a savings account or a Junior ISA is likely to offer a better return than simply putting money in jar or into a current account you intend to use for everyday spending.

• Pensions/Retirement Savings

  A pension is an amount of money set aside each month to support you when you retire. You will normally start paying into a pension when you start working. Work place pensions are compulsory amongst most employers where you, the individual, will save directly from your earnings. In addition to your savings, your employer may make an additional contribution to your pension. A state pension is based upon your National Insurance contributions (see Jargon buster) made over the course of your working life.