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

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:

Islamophobia definition

A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.

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Libya's Gold

UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.

The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.

Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.

A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.

If you go

Flight connections to Ulaanbaatar are available through a variety of hubs, including Seoul and Beijing, with airlines including Mongolian Airlines and Korean Air. While some nationalities, such as Americans, don’t need a tourist visa for Mongolia, others, including UAE citizens, can obtain a visa on arrival, while others including UK citizens, need to obtain a visa in advance. Contact the Mongolian Embassy in the UAE for more information.

Nomadic Road offers expedition-style trips to Mongolia in January and August, and other destinations during most other months. Its nine-day August 2020 Mongolia trip will cost from $5,250 per person based on two sharing, including airport transfers, two nights’ hotel accommodation in Ulaanbaatar, vehicle rental, fuel, third party vehicle liability insurance, the services of a guide and support team, accommodation, food and entrance fees; nomadicroad.com

A fully guided three-day, two-night itinerary at Three Camel Lodge costs from $2,420 per person based on two sharing, including airport transfers, accommodation, meals and excursions including the Yol Valley and Flaming Cliffs. A return internal flight from Ulaanbaatar to Dalanzadgad costs $300 per person and the flight takes 90 minutes each way; threecamellodge.com