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Time for a Mrs Merton question for the financial services chief's putting pressure on Rachel Reeves to gut the cash ISA system:
What is is about the £300bn of cash tied up in cash ISAs that you find so attractive?
Don't forget whether your stocks & shares ISA booms or tanks, the manager gets their fees - its easy money given how many investments funds are really dogs..... and while the fees for passive funds are lower, they still get them whether you do well or not!
@ChrisMayLA6 What would Gary say?
#CultOfGary #GarysEconomics
@ChrisMayLA6 OTOH managers of interest bearing accounts make money off the difference between the interest they earn and pay. TANSTAAFL.
Which of course is also true..... but the risk profiles for account holders are very different
@ChrisMayLA6 Ahh, that's a different argument. Yes, pushing people to higher risk investments is a bad idea.
Mind you, Viking offers anywhere from 0 to 100% split between stocks and bonds in its tracker funds. Putting your money in bonds across the FTSE100 is still pretty safe. AFAIK that's still allowed.
@tokensane @ChrisMayLA6
Our financial advisor asked us to do several questionnaires to assess our risk preferences and knowledge of investment.
If we do express an interest in something that is outside our risk envelope he will remind us. Just put some money into a higher risk investment offer on a crowdfund platform. That platform also required successful completion of a quiz to ensure understanding of risks.
The sector does seem to be trying to be better.
@tokensane @ChrisMayLA6
Given how Trump is upending the Western world order, I’m not sure how safe any investment is now.
I could write a huge amount about the savings and investments, but will just point out a few things.
If UK companies are actually 'undervalued', big global investors would be buying more.
Encouraging moving to shares from savings often happens at a peak followed by a sudden large drop where newer investors lose the highest % of money and never invest again.
Yes, your final point looks all too likely....