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I'm a Millennial Looking to Save – Where Should I Invest My Money?


July 26, 2019 ( Newswire) It's no secret that millennials get a lot of stick in the media. If it isn't Piers Morgan calling them "snowflakes" on breakfast television every morning, it's the mounds of online articles that claim they're a smartphone obsessed generation who will never own their own houses, however a lot of this is actually undeserved. We live in difficult and unpredictable times at current, and with the uncertainty of Brexit and the instability of government looming like a cloud over Britons heads, it can be even more difficult to know where to put you're money if you're a young adult paving your way in the world in the UK - and furthermore, wherever it is you're based. With so much criticism and such little advice out there, it can be difficult to know where to invest your savings, but fear not, and read on if you want to find out more about where millennials should be investing their savings.

Pay Off Your Debts

As young people, we assume we shouldn't be in a lot of debt, however sometimes this isn't the case, particularly if you've taken out a student loan in recent years. The good news for those earning under a certain amount, is that they won't yet have to pay it. However if you are working full time on a decent wage, chances are you'll be getting your bills through the post pretty sharpish. These bills look like a terrifying amount of money, however, don't allow it to panic you. If you haven't paid your loan off by the time you've reached twenty-five years after the initial date you began paying, then it's simply written off. This isn't to say you shouldn't prioritise paying it back, however it does take some of the pressure off - you're not going to jail if you don't pay it in full!

If while at university you got yourself a credit card, and saw it as a sort of "free money" card, the sooner you sort out this debt the better. If you don't have a good credit score, you actually won't be allowed to make certain investments, and this could affect you in years to come. It's worth improving your credit score before you have to pay out on more monthly bills - it'll be a lot easier if you do things this way around.


One of the safest, most sound and sensible investments you can make as a young person is buying your first property. Just getting your foot on that first step of the property ladder is a massive step, but a lot of people are reluctant to do it at a young age. A lot of this doubt comes from being uncertain about what direction their lives and careers are heading in, for example, what if you were to invest in a property wherever you live now, then you're offered a job elsewhere? Well luckily, selling on your home is a lot easier now than it used to be as there are companies available who can buy any house quickly, and for cash.

Another massive obstacle for young people, is the deposit that is required up front when they want to purchase a property. Normally this is ten percent of the overall cost, which may not sound like a lot, but even at the cheaper end of the scale, you're looking at a deposit of at least £8,000. However, because it's well known that this is a struggle for millennials there is now help available. Government schemes such as the Help to Buy ISA and the Lifetime ISA will add twenty five percent of whatever you put into these accounts, on top of what you've already put in. These accounts are great for giving millennials a leg up when they're trying to get on the property ladder - but be sure to fully read the terms and conditions and choose the account that's right for you, or you can be penalised!

Open a Savings Account

Last but certainly not least, consider putting your money away into the humble savings account. A lot of places offer similar interest rates at present, but still do your research and make sure that you're getting the best rates possible. What is really important, is that if you have savings, you don't feel as if you have to spend them instantly. You always have the option to put them into a safe account and add to them as you go, enabling you to make an ultimately bigger investment in the future. After all, isn't securing the best future possible what saving and investing is all about?

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