After 24 years of writing about personal finance for this masthead, the last 12 years as personal finance editor, I raised my hand for voluntary redundancy and will join others leavingAs someone whose first job in journalism four decades ago was on a typewriter, I know better than most the impact the information revolution has had on the media and audiences.Jessica Hromas
Personal finance coverage is being read more and more, thanks in part to the “financialisation” of the economy – a long-running process that is, itself, being accelerated by technology. It has meant that we each bear much more responsibility for our finances than our grandparents did.Each of us has to make financial decisions that previous generations did not – whether it is picking a super fund or avoiding paying over the odds for a mobile plan.
Our superannuation system is second to none, but fund members, if they are to get the most out of their savings in retirement need to take control of how their savings are allocated rather than putting their heads in the sand, thinking that retirement is still a long way off, and it can be thought about later.
Be aware of fees, costs and taxes and how they can gobble up gross returns. And please, please remember that complexity is the enemy of small investors. Keep it as simple as possible and choose options that are easy to understand, where fees and charges are not easily hidden.