Your economy or mine?
As we all start to contemplate life after lockdown, certain economists have started to worry about the nations savings.
Apparently during lockdown we have all been saving our money and estimates go as high as £100 billion in excess savings. That’s for two reasons: firstly, the limited opportunity to spend and secondly, it’s due to people wanting some financial protection for the future.
Now the government want us to all go out and spend those savings as soon as lockdown ends because that is what will boost the economy but as individuals, we may want to hold onto those savings to gain that sense of protection.
We need to spend for the benefit of the economy and the country at large, but we need to save for the benefit of ourselves and our families – so what do we do?
Do we spend for the benefit of the big economy or save for the benefit of the personal one? I suspect for the majority of the populace, the spenders will outweigh the savers, but if you’re savvy you could do both. If you spend on property education and investments everybody wins because those investments generate a huge boost to the economy and creates work for many PLUS you benefit as a family because you have an asset you can rely on in the future. That’s a win-win.
Do you want to learn how you can invest these savings? Take a look at our Property Bootcamp online training programme that will teach you everything you need to know to get started investing in property.