Tuesday, September 11, 2018
I feel like I am very lucky in that I have gained a lot of financial knowledge over the years. This led me to finding a very good mortgage deal which has allowed me to pay very little interest for a long time (helped by low interest rates). I have also seen that buying lots of things does not bring happiness, only clutter and so am careful with spending and this has left me with extra money too. I am also lucky in that my husband earns well and my children have been brought up not to expect to have everything they wish bought for them. I have been paying into my government pension, building up my premium bonds, my husband has work shares and a work pension. Despite all this growth in wealth, I still feel afraid for the future. I am concerned about not having enough money in retirement, having to sell my house to pay for care for myself or my husband and the costs for the children with regards to university education (if they want to go) what their mortgage rates might be like and how they will afford the inevitable tax rises that will have to come to fun the NHS and care needed by our growing ageing population.
I am trying to provide them with a good financial education and am pleased the more youngsters are getting this in schools (thanks to campaigning by Martin Lewis) and that should help a lot. However, I still worry that even if they are high earners and do not overspend, live in a modest house and save as much as they can, that they will still struggle due to having to pay high taxes. So although, as a family, we are getting wealthier now, I still wonder how we can protect ourselves against the future in more ways than we are doing at the moment.