Page 62 • The HERALD • 16th November 2023 v SEND ALL YOUR NEWS TO THE HERALD v YATES & CO Chartered Accountants Specialists in providing accounting and taxation advice to small businesses and individuals Contact: Colin Yates A.C.A. Telephone: (023) 8086 1550 E-mail: enquiries@yatesco.co.uk Personal and Friendly Service ASK A PROFESSIONAL SAVING AND INVESTING FOR THE NEXT GENERATION (PART ONE) by Michael Osman, Oyster Financial Services Taking proactive steps in securing your child or grandchild’s nancial future. Today’s young generation is anticipated to face a future with considerably higher expenses than their parents and grandparents. e rising education, housing, and general living costs have created a financially challenging landscape. As such, many parents and grandparents are taking proactive measures to provide a nancial safety net for their children and grandchildren. Additionally, a greater awareness of the importance of nancial planning and wealth accumulation has prompted many individuals to take proactive steps in securing their children’s financial futures. But saving and investing for the younger generation is something that requires thoughtful planning. In the UK, initiating an investment early for a child makes sense and can be highly bene cial in the long run. Why Invest Early? Investing early for your child or grandchild has a multitude of bene ts. It maximises the power of compound interest. Simply put, the sooner you start investing, the sooner you start earning interest on the interest you’ve already earned. is compounding e ect can signi cantly boost a child’s savings over time. Early investment also has the potential to provide a higher return on investment. e rationale behind this economic case is that the longer the investment period, the higher the potential returns, making early childhood an opportune time to begin investing. Additionally, starting a pension for a child, despite being many decades away from their retirement, makes nancial sense. Satisfy shorter term investment plans rst then consider the pension route. It is a long-term investment that could provide a significant nest egg when your child reaches retirement age. Only a parent or guardian can open up a pension for a child, but then anyone can make contributions. Next month we will look at some more speci c investment opportunities for the next generation. If you can’t wait until then please do get in touch with Oyster on: 023 8084 8410, email: michael@ oysterfinancialplanning. co.uk or pop into the o ce in the middle of Hythe village. Michael Osman, Oyster Financial Services
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