Mary has been paying into a savings account every month for a number of years and now has a sizeable pot of money. Because she doesn’t need access to this money in the short term and with interest rates low at the moment, she is looking for alternatives to her traditional savings account.
Mary is not saving for anything in particular, however she wants to make her money work harder. Mary is looking to continue to build up her pot of money for her future.
Mary hasn’t considered investing before, however she has been having some conversations with friends about the returns she gets on her savings now and she now knows that if she invested her money she has the potential for greater returns than a traditional savings account. However, the actual returns would be affected by how her investment performs. She recognises that the value of her investment could go down as well as up, however she is prepared to take some risk.
Mary has discovered there are tax efficiencies if you save or invest in an ISA, though this favourable tax treatment could change in the future. She also knows that each tax year there are limits to how much she can pay in.
Mary is considering transferring some of her savings into a Stocks and Shares ISA and then plans to make regular payments into it each month.
If she needs to she knows she can change or stop her monthly payments at any point.
Mary is an illustrative character designed to highlight why and how people approach investing. Her financial situation, objective, knowledge and approach are fictional and you should always consider your own before investing.