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This week we sit down with author, podcaster and go to girl on young peoples’ money questions: Iona Bain.

We discuss

What first got Iona into working on the Young Money blog, highlights from a decade in the business, research on Gen Z vs Millennial habits and what that could mean for both saving and investing in the future. In addition we explore what young people tend to “get wrong” when thinking about money and what Iona thinks is the biggest threat to young people’s finances in the next decade.

What first got Iona into working on the Young Money blog

• A lack of people speaking to her generation in a relatable way about money, plus being a way to learn more on the issue.

Highlights from a decade in the business

• Iona’s appearance on Question Time, as well as mainstream financial press roles such as Financial Advisor, writing about investing through key events like the Retail Distribution Review and being in the newsroom the day after the Brexit referendum.

Iona’s recent research conclusions:

• Young people are most likely to suffer economic fallout from the current environment (particularly Gen-Z) alongside those approaching retirement.
• This poses questions as we come out of the Covid-19 crisis – how to redress the balance.
• Differences between Millennials (age 26-40) and Gen-Z (16-25)
  • Gen-Z likely to be more adventurous and entrepreneurial, more likely to be enthusiastic savers than Millennials. Partly because they have seen Millennials get caught out and been affected by too bleak a picture post-2008.
• There are big changes in saving and investing over the last decade, only one banking app existed in 2011. Since then we have Monzo, Starling, Revolut etc exerting outsize influence in the industry.

What do young people tend to “get wrong” when thinking about money

• Viewing it as a form of gambling and expecting instant results.

What’s the biggest threat to young people’s finances in the next decade?

• A major stockmarket correction, and inflation.

One thing for listeners to remember

Mistakes are inevitable. No-one’s perfect, we all make mistakes, what matters is we learn from mistakes and are committed to getting to grips with our finances. It’s complex but also rewarding.

Most underappreciated thing about investing

It has genuinely never been easier to start investing. That has its dangers but the biggest problem is often overcoming apathy.

Recommendations

• Money Week podcast with Merryn Somerset Webb 
• The BBC history extra podcast 

Links to Iona’s content:

• Young Money Blog 
• Book: “Own It” 
• Own it! Podcast 

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Each LCP investment uncut podcast is for information and marketing purposes only and does not constitute any form of investment or financial advice or a financial promotion (under the Financial Services and Markets Act 2000). All views expressed by the podcast hosts and guests are purely their own opinions and do not represent those of LCP, its clients or affiliates. Our podcast listeners should always seek independent financial or legal advice before making any financial or investment decisions. Please refer to the Legal Notices section on the LCP website for further information.​