Diversification 'key to effective saving'

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Diversification 'key to effective saving'

Individuals keen to build up a nest egg to bolster their retirement funds have been advised that diversifying the methods they use to save is the best way to achieve a stable and secure platform for savings growth.

Phil Stevenson, chartered financial planner at Ark Financial Planning, said individuals should not put all of their money into just one asset class, as this leaves them open to significant risk should the market take a downturn.

Instead, they should be looking to diversify their savings portfolio, taking advantage of as many areas of finance as possible to spread their risk accordingly.

He commented: "Just because some experts suggest that bonds are the [way to go] it doesn't mean they are right. The only way you know they are right is with hindsight."

Meanwhile, Tony Attubato, head of dispute resolution at the Pensions Advisory Service, recently argued the best way to save is to plan effectively, ensuring individuals take advantage of all forms of tax relief which they are eligible for.

He added that often the best way to do this is to consult with a professional on the matter.

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