To wonder what the point of trying to save is?

[CircusofPuffins]

Lots of reports today that Rachel Reeves is, as been rumoured for quite a while, due to announce plans to limit the amount that we can save in cash ISAs

https://www.ft.com/content/01371783-0399-412b-82be-c87f3a60ff8c

As someone who has the majority of my life savings in ISAs, I find this really objectionable. Apparently, this has lobbied for by people in the city, wanting more of us to invest in stocks and shares ISAs instead. Despite them ignoring the simple fact that most people won't understand stocks and shares ISAs, or have the necessary time/effort to get clued up on it.

I can't help but feel quite despondent about this, and wonder what really is the point of even bothering to save these days? The last few years I've been trying to be as careful as possible with money, limiting spending on luxuries and putting a decent chunk of my paycheque aside each month to hopefully, one day, be able to buy a house.

But now it seems like labour are targeting savers? And what really is the point of this massive house-building programme they supposedly want to accomplish if the vast majority of us will probably never be able to save enough to buy one in the first place?

What a depressing country this is increasingly becoming to live in...

I got the starting rate of savings interest when I went part time and then early retired between 60 and 66, income was around £12k, now I get the state pension as well so don't get it.

I'm reading work articles on holiday to keep up with my CPD (and checking my emails), researching the stock market is not going to make it onto my to do list.

But you don’t need to research the details of the stock market! Just stick your ISA funds into a few low-cost trackers (UK, Europe, the World) and leave them alone.

I started off with literally nothing. The main reason I now enjoy a prosperous retirement is due to three habits I prioritised during my working life:

• being frugal and saving (without depriving myself)
• taking advantage of tax-free wrappers (pension, ISAs)
• investing in trackers (mostly through Vanguard as their fees are low)

Oh, nearly forgot…… I married a man who is on the same wavelength - this definitely helps!

It may be stricter at your workplace but at mine the restriction only applies to direct investment. If eg Apple is restricted because they are our client, I can’t buy Apple stock direct but I can invest in funds that have Apple in their portfolio and where I am not making the underlying investment decisions for the fund. In other words any managed funds are fine. Might be worth checking the fine print because I can’t believe you would be restricted from investing in any fund that has underlying investments in the restricted companies.

I have to invest in compliant funds. A lot of fund managers are also our clients and so I can’t invest in their funds either. My life is just a lot easier if I invest in a specially designed fund for our company as then I’m also not required to divest of an investment if we take on the fund manager as a client.

I could invest more broadly than I do, but the additional admin and reporting I’d have to do at work does not make it worth it!

I see, sounds more complex than ours in that case! What a pain.

Hoarding fortunes (cough, cough) mostly savings that they’ve already earned and paid tax on…..
also the places hold people’s cash isa are utilising those very funds to re-invest already….where do you think the interest due comes from?
stocks and shares are usually only good for long term investments, say 20 years or so……absolutely no good for people looking to save for retirement if it’s less than 10 years.
the brokers are only interested in their exorbitant fees.