Indo article on altenatives to deposit accounts

@SBarrett Thanks for taking the time to explain what you said. Of course makes perfect sense.

I guess the challenge is getting people to look at their portfolio as a whole and not the individual elements of it

I came across this thread on a different forum this morning - I hope the mods don't mind me posting it. It is just to show you the difference between the people posting on this forum and those posting on a more general forum would be. The people on this forum have generally some level of financial awareness - versus others who may be completely naive on financial matters. Not that I am saying anything against them, its more a comparison on the topic at hand

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Gordon Gekko said:

My own view is that you put a portion of your money into equities and keep the majority in cash.

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It occurs to me that this is exactly where I am, without having put any great strategic thinking into it. For equities I simply picked a unit linked fund with my finger in the air.

So I see lots of references to "get financial advice" but I am struggling to see the added value, unless it involves complex legal and tax advice.

Duke of Marmalade said:

So I see lots of references to "get financial advice" but I am struggling to see the added value, unless it involves complex legal and tax advice.

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Depends on how knowledge the customer is and how comfortable they are with various types of investment products/options. I am guessing you understand your risk profile and have a clear idea of what you consider to be good/poor options. Others simply don't have a clue.

90% of people I talk to that are on trackers are on them purely by luck - they were the default option when the bought the house and when interest rates were rising they meant to get around to fixing it, but never made it a priority - and are glad they didn't. Their apathy has worked in their favour. But this apathy is across all parts of their financial lives...
I bet if you asked everyone currently on PCP deals (not on this site but in general) to explain how they work, less than 40% would be able to properly explain what happens in each eventuality

These people need financial advice, otherwise they will do nothing ...