THE INTERVIEW SECTION
Interview with a 34 year old, professional female, who has been married for 3 years.
This is the first of a series of interviews with different people who provide a snippet into their life, and their money.
How would you describe your career
I started in the construction industry after university, and have worked in it for 12 years, in a range of roles for large contractors in the UK.
What were your financial goals during your early career?
Paying off my student debt and saving for a house
What are your financial goals now?
Continuing to invest in my pension, and paying down my mortgage. Also, my car loan, I have to pay that back as soon as I can.
How would you describe your attitude to risk?
I'm happy to take moderate risk, I'm not investing in single stocks, but I have a stocks and shares ISA and a pension.
How has your attitude to risk changed over time?
I still think of myself as young, so I'm happy to take some risk, so I can have more freedom later in my career to take a couple of years off and go travelling.
When did you buy your first house, and how much was it?
2018, it cost £280k for a 2 bed. But I have since moved to a £450k 3 bed house.
How much did you invest into your pension during your career?
I started at 3%, but now do 10% every month.
Have you ever wanted to build your own business?
Yes, I always have but it's hard to take the risk and have been caught in that trap of a good salary.
THE INTERVIEW SECTION
Interview with a 73 year old, retired male, who has been married for almost 40 years.
This is the first of a series of interviews with different people who provide a snippet into their life, and their money.
How would you describe your career
Worked in mechanical engineering, after completing apprenticeship which included offsite block release education, moved into IT software implementation of manufacturing systems.
What were your financial goals during your early career?
Apprentice wages were traditionally low, so budgeted carefully putting aside money to cover all bills, and started building society savings account. Parents provided the background of budgeting for all known bills, this reduced unwelcome surprises and removed any worry when a bill arrived as the money was there.
What are your financial goals now?
I have been retired for 13 years, and the goal is to remain solvent by keeping spending within the monthly income. However, also being sufficiently prudent to put money to one side for holidays and any unexpected expense.
How would you describe your attitude to risk?
Cautious, always
How has your attitude to risk changed over time?
Not changed greatly, but once retired, mortgage free, known income, then prepared to spend slightly more freely. However, take no risks with savings as would prefer a guaranteed lower rate of return, compared to an unsure but higher rate of return. Cannot risk losing any capital.
When did you buy your first house, and how much was it?
1980 & £20,300 - paid for with savings and a £12,000 mortgage from the building society
How much did you invest into your pension during your career?
5%, but as employer based final salary schemes closed, then also saved into AVC.
Have you ever wanted to build your own business?
Because of my cautious nature, I have always preferred to be an employee.