What millennials should do with their Covid cash piles – Pocketful of Dirhams

Author Iona Bain offers advice for savers and those who have accumulated debt

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While the Covid-19 crisis has hit the finances of some people, it has been kinder to others.

Some have lost jobs or had their incomes slashed. Others have managed to retain the same wage level and actually build up a healthy savings pot because restrictions prevented them from spending.

In the UK, Britons have built up £100 billion ($136.54bn) in excess savings during the pandemic, according to the Bank of England.

In the US, America’s young adults have doubled their assets to more than $10 trillion for the first time ever, data from the Federal Reserve shows.

So, how should the young handle their new Covid cash piles? With vaccinations set to ease restrictions in 2021, is now the time to splurge that cash or to build on that savings base?

Host Alice Haine from The National is joined by Iona Bain – the founder of Young Money Agency and the author of Own It, set to be published on March 16 – who offers her advice on the right path to take.

Listen to last week's episode to find out whether artificial intelligence can make us better investors: