Ms Suter said: “Despite cash rates rising, it still remains that investing is the best place for your long-term savings, as it has the best chance of beating inflation over the long term.
Over 50 years, the prospects for cash improve slightly, giving a 0.9 per cent a year return, but investing still trounces that with a 4.9 per cent a year return. You’ll also want to pay off any pricey debt you have before you put money into investing. Then work out how much you are comfortable investing, either in a lump sum or each month.
There are lots of different things you can invest in, from shares of individual companies to funds that invest in lots of different companies or sectors. Funds will either be managed by a professional fund manager who picks the companies they think will perform well or they can be run by computers that track the performance of a particular market or a section of the market.