Spreading money around financial products 'the safest bet'

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Spreading money around financial products 'the safest bet'

Fri 21st May 2010

There is no single financial product that will be guaranteed to grow steadily in the long-term, according to a sector expert, so savers should spread their money around different types of assets.

This is the view of head of communications at AWD Chase de Vere Patrick Connolly, who urged people to have some of their money in cash, but to also own property, shares and some fixed-interest investments.

In his view, this spread of assets should be the minimum for everybody, adding: "This way when some of them fall, some of them could grow as well."

Mr Connolly's comments follow research by the Halifax indicating total household wealth has risen more than five times in real terms over the past half century, with financial assets increasing four-fold since 1959.

However, the AWD Chase de Vere representative warned that many people are not preparing themselves adequately for retirement, which he puts down to a lack of knowledge and distrust in the financial services industry.

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