Many people today are just content with having their money in the bank, but they don't realise that it can actually lose them money 👀
Inflation this year is 3% yet many retail banks offer less than 1% interest on your savings.
This means that total prices will rise by 3% whilst your savings only rise by 1%, reducing the power of your cash 😑
There are solutions out there such as ISAs and P2P lending. These are platforms where you can invest securely and get much better interest on your cash.
However some of these options mean you don't have direct access to your cash so it's important to identify how much you can comfortably invest. - Disclaimer -
There are always risks involved when investing your cash so always seek advice first!