Saving is the responsible thing to do in case of an unexpected expense. But you should also save for things you have planned, whether it is over the short-term for a holiday or for a longer-term objective like retirement or paying for your child’s education.
While saving is a good habit, simply leaving your savings in the bank may not earn you a healthy rate of return and it is unlikely to keep pace with inflation.
For most of us, investing – as opposed to simply keeping cash in a bank – is a crucial part of financial planning. While it can involve greater risk, it may also offer the chance of higher returns, giving you a better chance of building up wealth to fund your long-term goals.
Before deciding on a plan to achieve your financial goals, it makes sense to work with a Wealth Manager to understand your timeframe and appetite for risk, before determining the right blend of assets to match your needs.