Managing My Money

Week 5: Savings and Investment - Part 1, Episode 9

Share Radio & Open University Business School

'The future, according to some scientists, will be exactly like the past, only far more expensive' 

John Sladek

Welcome

to Managing My Money presented by Glen Goodman and Annie Weston

What are you saving for?

Major events

Lesser challenges

Things that change savings behaviour

Compare using the Annual Equivalent Rate (AER)

The magic of compound interest

Let your cash savings grow with interest, and interest on interest - but keep good care of your ID information!

Where should you save your money?

• How soon will you need it?

• Watch out for inflation eating away your savings!

• Review once each year

A Plethora of Choices

Note: rates shown are purely illustrative

Is your money safe?

• In the last resort, it's as safe as the Government decides it should be
• Split up larger balances to ensure Investor Compensation scheme cover
• Large temporary balances up to £1m (eg for house moves) are protected
• Note: the Investor Compensation Scheme does not cover Peer-to-Peer lending

Next:

Listen to Part 2 of Week 5 on Share Radio - then take the Week 5 quiz/test. As you take each week of the course, your results will build up on your personal dashboard. 

Managing My Money

is broadcast by Share Radio and is based on the Open University Business School online course of the same name.

Your presenters are Glen Goodman and Annie Weston.