Saving or starting a business for your child: what's the next step in money? | Modern Money of HSBC UK

From starting a business to buying a home to investing in a better retirement, the ultimate goal is different from other financial goals. But how many of us have the right structure and plan to actually reach it?

According to HSBC's report, there aren't many answers. The bank found that most of the people surveyed knew the importance of saving for the future, but found that 42{7be40b84a6a43fc4fae13304fce9a2695859798abfc41afd127b9f8b21c5f9c5} of those who work so focused on most job goals generally aim for savings rather than short-term goals. Saving or investing in. Similarly, 38{7be40b84a6a43fc4fae13304fce9a2695859798abfc41afd127b9f8b21c5f9c5} lived financially on a daily basis and said that there is a possibility of problems later on.

Long-term goals often require long-term preparation, but many leave their plans too late for the future. In addition, due to the cultural importance associated with home ownership in the UK, there is a tendency to invest cash in assets instead of financial instruments. Stepping into a real estate ladder has become an important milestone. Others buy real estate as an investment, which can generate rental income and increase its value. However, real estate prices may also fluctuate and affect short-term liquidity, so you should carefully consider them from all points of view.

We hit the road to find out the financial goals of people and whether they have planned to achieve them.

Next generation support

Providing families to many was a top priority. As the cost of obtaining a college degree has risen and the prospect of employment for the next generation has become less secure, some children have less confidence in the future.


Andy Wilson (54), Manchester editor.

“My goal is to get my daughter to college and pay for her education. She first studied art and wants a foundation course. This is the biggest funding I currently have. I have a financial advisor I'm looking at now and it tells me who advised on how to best invest. Not sure how much it costs, but there are plans. As a self-employed person, finances and pensions can be complicated but have been investing in pensions since the 20s. Perhaps you have invested in your property because you think too late! ”

Cenys Anderton, 54 years old, nurse, Manchester.

“As a longtime nurse at A & E, I love to love the moment and spend time with loved ones. Financially, I was stable and set aside money if my kids needed it. We have also saved months of wages in case of problems at home. But that's it. I don't believe that I can set big goals and save something very expensive that I don't need. ”

For more information about savings for your child, see HSBC's Savings Guide for Your Child.

My heart is home

The majority of the people we talked about mentioned buying real estate and owning an apartment or home as their main goals. It seems to offer many people the security and investment forms of housing.


Jonette Holmes-Leather, 52 years old, teacher at Southport.

“I want to move to Sweden and I want to buy something with my partner. It can be expensive. My partner and I are saviors. We already have money saved for purchases and no debt. I used my credit card only for the same purposes as flying and I tend to use a lot of cash to avoid spending unnecessarily. I did a lot of shopping but it changed. I don't want to overpay for things I don't want to owe. "


Jack Coles, 25 years old, unemployed, Fareham.

“My goal is to get a mortgage. So you can finally climb the real estate ladder, but lately you have created a duplicate card that is not on the card. Not great, but a good advantage is that the redundant packages are great and have already saved money. My uncle was an independent financial adviser, so he helped me save the ball, but the main task is to find a new job. ”

For more information on getting your first home, see HSBC's First Buyer's Guide.


Invest in your dreams

Other respondents want to abandon their money to build their own business, from marketing agencies to pizzerias. According to them, the freedom and independence that comes when they run their own ventures is their biggest attraction.

Alejandra Delgado Mendez, 24 years old, student, Notting Hill.

“I want to run a marketing company from Spain after graduating. I would say this is my financial goal. After mastering, you will begin to save on business costs. I have recently asked my parents for a lot of money, so I need to make an appropriate plan. It's hard to study and doesn't have much free time. I really like the idea of ​​creatively challenging myself in anticipation of independence working for me. ”


Kate Bielich, 26, pizza chef, Isle of Man.

“I am a pizza chef, so my salary is not high, but I want to start my business. I'm trying to save some money to start my work because I will have a lot of freedom to work for myself! In the past, while working in the office, I made a significant amount of money and started saving 10{7be40b84a6a43fc4fae13304fce9a2695859798abfc41afd127b9f8b21c5f9c5} of my monthly income. If you run into trouble, you'll want to save more money this year because you need extra capital, but if you don't get huge income, it's hard to cut it. "

For more information on how to find the right financials for your business, see the HSBC Guide to Business Loans.

Regardless of your goals, invest in the future


To act

Some respondents took specific steps to funding with very specific goals in mind.

Pete Gallagher, 24 years old, student, Manchester.

“I'm different [bank] Account – One automatically invests in a pot of coffee-like changes. I want to set aside money for the next few years and start making a substantial amount of money, but I'm not sure how long it will actually take. ”

Chris Polon, 68, retired.

“This year's goal is to pay for expansion and landscaping gardeners! Since I'm retired, I spend a lot of time at home and in the garden. Last year I reduced the size from a bigger house to a smaller one, so I have money to pay for it. I was lucky. I have no mortgage or big expenses and am good at keeping my finances but obviously expensive. I have a stream in my old house and want to water my new house. That is the plan. ”

Debt Clearance

Another challenge for millions of people across the country is dealing with cumulative debt. In order to build a safer future, economically courageously spending money can be an obvious stepping stone.

Michael Franklin, 40 years old, University of London administrator.

“I decided to pay my debts. I'm planning for the next few years, including the four-month project management course I'm currently enrolled in. Working and studying at the same time can be difficult, but my goal is to get a job in the project management sector and earn more income. It means you can find a way out of debt through regular payments. ”

Please refer to HSBC's Debt Repayment Guide for more information on how to effectively repay your debts.

The value of the investment and the income it generates may increase, and you may not be able to recover the amount invested.

Regardless of your goals, regardless of your level of confidence in your investment, HSBC can help you make informed decisions and make plans. From beginners to experienced investors anywhere in the investment journey can help HSBC move to the next level.



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