Pensions,ISAs,offshore accounts etc?

Question

im 24 and i feel i should start putting some money away for my future, the thing is i havn't got a clue about any of these things and which one i need or which is best! basically im looking for something that i can pay money into that im unable to get at until a later date. any advice would be greatly appreciated. thanks.

Answer 1

Firstly you should consider a pension, this will provide you with an income when you are older and not working. You can not touch any money in a pension until you are 50 years of age (although this is increasing to 55). If you are employed by a company, they should have a pension scheme which you can contribute too and many employers make additional contributions.

Next you should look at some sort of savings. That way if you need money in an emergency you have something to fall back on. An ISA should be your first port of call as these are tax free.

An Independent financial adviser (IFA) will be able to help with your specific circumstances and help point you in the right direction. You do not necessarily have to pay commission to them as the IFA will likely receive commission from the product provider of any products you take out.

Answer 2

This is considered to be the best UK consumer site for that kind of advice. You are bound to find what you want there. (Scroll halfway down to "Pensions, savings and invstments")

You will get replies from people wanting you to go to their websites, DONT most will be scams.

Secondly do NOT go near anyone who calls themself a "financial adviser" they are just looking to make commission out of you