(Obligatory caveat - I’m not a financial adviser, this isn’t financial advice!)
I used to work in pension communication and I’d say the most important aspect here is to understand that a ‘pension’ is just a type of account (known as a ‘tax wrapper’) which any kind of investment can go into. If you work for an employer (vs being self employed) they should have enrolled you into a pension scheme (known as auto-enrolment) and the provider should have information available about exactly what it is you’re investing in.
Learning about (and some version of 'sorting out') my pension is big on my list this year, so I'm very much looking forward to hearing what you're learning about this subject!. I think I need to do some moving around of my money/opening new accounts this year too. It feels like a money 'admin' year for me, going back to basics, as I'm coming off the back of the past 2-3 years where I had a lot of outgoing money to deal with (buying a house, getting married, paying off my car!).
Claer is great! I’m 10x more likely to listen to a podcast with her as a guest.
I think only a small number of people in the UK have got on board with *not* using ‘Tribe’ anymore - there are even tonnes of yoga studios and fitness studios called ‘Tribe’ which is a bit… blergh. Similarly, even relatively-progressive people in the UK might use the term ‘oriental’ which is very much not-okay on the other side of the pond (as I understand it!).
Oomph, yes. Lily... I see the word "Oriental" used on restaurant signs A LOT up in the North. And even on food, like packages of things at certain grocery shops!? That blows my mind. I think the last time I'd heard it, before moving over, was 15+ years ago when I had to tell a grandparent they shouldn't say it anymore...
I had no idea ‘oriental’ is considered a pejorative term! 😂 But it makes sense - I certainly can’t think why I would use it in a sentence; other than to refer to the name of something that happens to have the word ‘Oriental’ in it
And I'd say where I'm from, where such a large portion of the population is of Asian descent (especially in Vancouver), you'd just be encouraged to know/understand that every country/culture is unique and to learn the differences! As an example, I would never, ever say I was going to an oriental restaurant, or even an Asian restaurant. I would always say the country's name. I also don't know that "oriental" is necessarily "bad," but at least... outdated!? And was certainly used in derogatory ways, once upon a time...
Yes - I was having a look at the wiki page for the term, and uh, definitely, if someone used it as a noun, I think my response would be something along the lines of, “wtf, what time period are you living in?” 😅 But, growing up in the UK and Hong Kong, I’ve don’t think I’ve ever heard it used like that. (And I suspect if I had, I would feel quite differently about it!)
I also agree - I would be very confused if someone said they were going to the ‘Asian restaurant’ - but I also wonder if that’s because the UK we have had different patterns of immigration (and food culture.) I’d say, growing up in the UK, we went to Chinese restaurants and Indian restaurants; it took a very long time to experience a Japanese restaurant or Thai restaurant, for example.
I do also find that in the UK we’re a bit all over the place when it comes to labels for demographics - have filled out plenty a form where the check box options for ethnicity are ‘Asian’ (by which they mean ‘South Asian’) and ‘Chinese’ :/ I definitely don’t know enough about how to best design these forms, but I’m sure we could do better!
I think it’s partly because ‘Asian’ tends to refer to people or things from the Indian subcontinent here? I’d then use ‘East Asian’ to refer to people from further East
Great review! My biggest, craziest goal is to learn how to make enough money through the business I started or other freelance/self employment/gig work things so I never have to work 9-5 again. But realistically, and more practically, I want to learn how to roll over 2 401ks I have from previous employers.
Long-time reader, first-time commenter :) just wanted to say thank you for these posts! As an American who moved to the UK in 2019, then moved back to the US last year, I'm finding your insight fascinating! I found the internal currency conversion difficult & essentially tried to reset to thinking in GBP. The investment/pension conversation felt very different (higher employer matching rates, assumption that minimum contributions would cover retirement costs vs. a more general fear or need to invest more/in other places in the US - I'm sure this also relates to public healthcare smh) as well as the advantages of credit cards (no crazy bonus points sign ups, hopefully less credit card debt?). Don't get me started on me not being able to have my own bank account because I didn't have a UK place of employment (could only open an account with my male partner who had a local job). Best wishes for this journey!!
They don't have sign-up bonuses, but it seems to be VERY easy for people to get 0% transfer cards... so using credit cards as interest-free debt containers seems to be a popular thing to do! Also, you couldn't get a bank account!?!?! I'm trying to figure out why that wouldn't have been true for me (as I don't have a job). Maybe because I'm self-employed? Wow, I'll have to look into that. Thanks for sharing!
Oooohhhh about the 0% transfer! Smart people! Yes, there might have been something to do about the address as well? We didn't have a permanent address at the time of move and I couldn't get any "official" (i.e., employer) paperwork to validate? I can't remember all the details from the time, but I remember that it felt very old school/sexist bureaucracy-driven. But I'm glad that hasn't been the case for you!
The traditional banks are quite bureaucratic, but there are a lot more online banks like Monzo, Starling that are much easier to get an account with :-)
after several very happily boring years of money, this year I'm sorting through the logistics of an inheritance (would rather have the person back) and a few big expenses. I'm trying to both clean up the smaller "leaky" spending I slipped into doing mindlessly, and also be okay with pulling the trigger on purchases that will make my life better and, truly, are why I'm saving that money anyway. So that's all on my plate to wade through.
But the big thing I want to learn this year is, what's up with my HSA?? I've heard tell I can use it as an retirement investment but that feels like so much paperwork to keep track of for literal decades. But, I have one at my current job, so I should really figure out how to best use it. Thanks Cait!
I am enjoying reading your perspective on life and finances in the UK, including this review. Claer is great; I always read her FT columns.
On the more emotional/social side of things, I would recommend “We need to talk about money” by Otegha Uwagba, which is more of a memoir. It touches on “taboo” subjects such as class and home-buying privilege in the UK.
Ooo thank you for the reco! I hadn't come across that one, but love a memoir! And I'd LOVE to read more about the history of the class system in the UK...
I think insurance is something that British people don’t spend a lot of time thinking about - certainly relative to people in North America. (Or that’s my impression at least.) Though I agree, a personal finance book should definitely cover it!
Someone told me about Personal Liability Insurance in Germany (“in Germany, you are fully liable for any damages you cause to third parties, unintentional or not”) - which blew my mind at first; but that’s because I’m a Brit and we don’t think about such things 😅
Oh my gosh. I just Googled that and MY mind is blown... the list of examples of things you could be liable for... and that you NEED this coverage. I had no idea!
Hi Cait, I've been thinking that I wanted to ask this, but felt like it maybe it felt kinda mean, but now that you have brought up the use of 'tribe' which is... absolutely not good...I think it seems okay. I would be really interested to know why you refer to yourself as an ex-pat rather than just straight up as an immigrant, which is what anyone is who has moved countries. When I lived abroad it made me sick that white people were ex-pats, anyone not white? Well they were an immigrant. I now really have an issue with ex-pat as it's a club that only certain people seem to be able to join and once I realised what a loaded word it is, giving a status and a differential that is neither necessary not deserved, well to me it absolutely goes in the same bin as 'tribe'.
Wow, interesting question! Honestly, I don’t really have an answer to this… because that post was literally the first time I’d used the word expat! I don’t call myself anything. If you read past posts, I do always say that I immigrated to the UK. Expat just seemed like a word that could make the title shorter/accessible to more readers. The definition is also literally: "a person who lives outside their native country." And that's me. But anyway, like I said, it's not something I'd ever called myself before! Appreciate hearing your thoughts on the word! Good food for thought.
I want to learn how good it feels to really stick to a budget and save regularly - something that has been really challenging for several reasons in the last few years. So far things are going to plan, and I’m privileged to have some circumstances that will help me in being able to save quite a bit regularly this year. Money is definitely emotional! I love Claer’s podcast, would be great to hear you on it having a chat with her Cait!
I love your goal, Philippa. It's so clear... *and* feeling-based, which I actually think is really important. Because money is so emotional, I think goals that are emotion-based ("learn how good it FEELS to stick to a budget and save...") are something we can actually work toward and FEEL an "achievement"/shift around, in a way that numbers-based goals don't always provide.
I'd LOVE to chat with Claer sometime. I had actually submitted my question to her show, but got the answer through the book + a recent ep!
Thank you Cait! While I have a figure that I want to save this year, I have also set out an approved list of things I can buy (like, ‘one lipstick from x brand, one dress from y shop) - so including the kinds of things that I really enjoy but have often overspent on in the past, and now a defined and reasonable number (usually one, and books are completely off that and now I am using the library). So far I have found the wiggle-room this list has given me is working: last night a certain dress I had my eye on for ages and was under that ‘one dress from brand y’ banner was in a sale making it affordable for me now, so I bought it and feel good about it - I know I have the money for it but I also know I am still saving what I said I would be, and I absolutely loved it when I tried it on last year so know I will enjoy wearing it. I was listening to Tiffany Aliche on the Mel Robbins podcast today and she mentioned her variation on questions to ask before buying something: ‘Do I need it? Do I love it? Do I like it? Do I want it?’ This struck me as very clever and gives me something on which to frame what I’m doing at the moment: there is still room for things I love, but ‘like’ and ‘want’ don’t cut it.
Yes, Claer mentions that in her book actually! I don't really like any of that language anymore... needs, wants, etc. But like + love feel gentle enough.
Great review! As a person moving closer to retirement age, I wonder what questions I need all myself and spouse. Due to a debilitating situation, my husband has been declared disabled. As long as we prove through his Dr that this is still the case, he can remain "employed" at the major shipping company he's been employed with for over 37 yrs. OR her can take retirement. With that comes a different set of concerns, namely health and dental insurance. We're not yet being forced to make that decision. But would it be better one way or another? Taking his "government" disability and me continue to work in my career until retirement? Or go ahead and take retirement, which pensions will be less due to his young age, but he'll also continue to collect disability? If I could advise any young person at all, I'd tell them to know from the start what you need to know for your future and how to be better prepared! There are no guarantees, and accidents happen that will knock one off course! Thank you, Cait!
(Obligatory caveat - I’m not a financial adviser, this isn’t financial advice!)
I used to work in pension communication and I’d say the most important aspect here is to understand that a ‘pension’ is just a type of account (known as a ‘tax wrapper’) which any kind of investment can go into. If you work for an employer (vs being self employed) they should have enrolled you into a pension scheme (known as auto-enrolment) and the provider should have information available about exactly what it is you’re investing in.
I want to learn how to best plan my finances (but a house, save for retirement), as a self- employed person
Learning about (and some version of 'sorting out') my pension is big on my list this year, so I'm very much looking forward to hearing what you're learning about this subject!. I think I need to do some moving around of my money/opening new accounts this year too. It feels like a money 'admin' year for me, going back to basics, as I'm coming off the back of the past 2-3 years where I had a lot of outgoing money to deal with (buying a house, getting married, paying off my car!).
Hi Fiona! You've won the copy of WTDTYAM! If you send me a quick email with your mailing address, I'll get it over to you: caitflanders at gmail 🥳
Claer is great! I’m 10x more likely to listen to a podcast with her as a guest.
I think only a small number of people in the UK have got on board with *not* using ‘Tribe’ anymore - there are even tonnes of yoga studios and fitness studios called ‘Tribe’ which is a bit… blergh. Similarly, even relatively-progressive people in the UK might use the term ‘oriental’ which is very much not-okay on the other side of the pond (as I understand it!).
Oomph, yes. Lily... I see the word "Oriental" used on restaurant signs A LOT up in the North. And even on food, like packages of things at certain grocery shops!? That blows my mind. I think the last time I'd heard it, before moving over, was 15+ years ago when I had to tell a grandparent they shouldn't say it anymore...
I had no idea ‘oriental’ is considered a pejorative term! 😂 But it makes sense - I certainly can’t think why I would use it in a sentence; other than to refer to the name of something that happens to have the word ‘Oriental’ in it
And I'd say where I'm from, where such a large portion of the population is of Asian descent (especially in Vancouver), you'd just be encouraged to know/understand that every country/culture is unique and to learn the differences! As an example, I would never, ever say I was going to an oriental restaurant, or even an Asian restaurant. I would always say the country's name. I also don't know that "oriental" is necessarily "bad," but at least... outdated!? And was certainly used in derogatory ways, once upon a time...
Yes - I was having a look at the wiki page for the term, and uh, definitely, if someone used it as a noun, I think my response would be something along the lines of, “wtf, what time period are you living in?” 😅 But, growing up in the UK and Hong Kong, I’ve don’t think I’ve ever heard it used like that. (And I suspect if I had, I would feel quite differently about it!)
I also agree - I would be very confused if someone said they were going to the ‘Asian restaurant’ - but I also wonder if that’s because the UK we have had different patterns of immigration (and food culture.) I’d say, growing up in the UK, we went to Chinese restaurants and Indian restaurants; it took a very long time to experience a Japanese restaurant or Thai restaurant, for example.
I do also find that in the UK we’re a bit all over the place when it comes to labels for demographics - have filled out plenty a form where the check box options for ethnicity are ‘Asian’ (by which they mean ‘South Asian’) and ‘Chinese’ :/ I definitely don’t know enough about how to best design these forms, but I’m sure we could do better!
I think it’s partly because ‘Asian’ tends to refer to people or things from the Indian subcontinent here? I’d then use ‘East Asian’ to refer to people from further East
I want to learn how to make more money
Great review! My biggest, craziest goal is to learn how to make enough money through the business I started or other freelance/self employment/gig work things so I never have to work 9-5 again. But realistically, and more practically, I want to learn how to roll over 2 401ks I have from previous employers.
Long-time reader, first-time commenter :) just wanted to say thank you for these posts! As an American who moved to the UK in 2019, then moved back to the US last year, I'm finding your insight fascinating! I found the internal currency conversion difficult & essentially tried to reset to thinking in GBP. The investment/pension conversation felt very different (higher employer matching rates, assumption that minimum contributions would cover retirement costs vs. a more general fear or need to invest more/in other places in the US - I'm sure this also relates to public healthcare smh) as well as the advantages of credit cards (no crazy bonus points sign ups, hopefully less credit card debt?). Don't get me started on me not being able to have my own bank account because I didn't have a UK place of employment (could only open an account with my male partner who had a local job). Best wishes for this journey!!
They don't have sign-up bonuses, but it seems to be VERY easy for people to get 0% transfer cards... so using credit cards as interest-free debt containers seems to be a popular thing to do! Also, you couldn't get a bank account!?!?! I'm trying to figure out why that wouldn't have been true for me (as I don't have a job). Maybe because I'm self-employed? Wow, I'll have to look into that. Thanks for sharing!
Oooohhhh about the 0% transfer! Smart people! Yes, there might have been something to do about the address as well? We didn't have a permanent address at the time of move and I couldn't get any "official" (i.e., employer) paperwork to validate? I can't remember all the details from the time, but I remember that it felt very old school/sexist bureaucracy-driven. But I'm glad that hasn't been the case for you!
The traditional banks are quite bureaucratic, but there are a lot more online banks like Monzo, Starling that are much easier to get an account with :-)
And Monzo is who I bank with! So that makes sense ☺️
after several very happily boring years of money, this year I'm sorting through the logistics of an inheritance (would rather have the person back) and a few big expenses. I'm trying to both clean up the smaller "leaky" spending I slipped into doing mindlessly, and also be okay with pulling the trigger on purchases that will make my life better and, truly, are why I'm saving that money anyway. So that's all on my plate to wade through.
But the big thing I want to learn this year is, what's up with my HSA?? I've heard tell I can use it as an retirement investment but that feels like so much paperwork to keep track of for literal decades. But, I have one at my current job, so I should really figure out how to best use it. Thanks Cait!
Learn a balance between being overspending and extreme frugality
I am enjoying reading your perspective on life and finances in the UK, including this review. Claer is great; I always read her FT columns.
On the more emotional/social side of things, I would recommend “We need to talk about money” by Otegha Uwagba, which is more of a memoir. It touches on “taboo” subjects such as class and home-buying privilege in the UK.
Ooo thank you for the reco! I hadn't come across that one, but love a memoir! And I'd LOVE to read more about the history of the class system in the UK...
I think insurance is something that British people don’t spend a lot of time thinking about - certainly relative to people in North America. (Or that’s my impression at least.) Though I agree, a personal finance book should definitely cover it!
Someone told me about Personal Liability Insurance in Germany (“in Germany, you are fully liable for any damages you cause to third parties, unintentional or not”) - which blew my mind at first; but that’s because I’m a Brit and we don’t think about such things 😅
Oh my gosh. I just Googled that and MY mind is blown... the list of examples of things you could be liable for... and that you NEED this coverage. I had no idea!
Hi Cait, I've been thinking that I wanted to ask this, but felt like it maybe it felt kinda mean, but now that you have brought up the use of 'tribe' which is... absolutely not good...I think it seems okay. I would be really interested to know why you refer to yourself as an ex-pat rather than just straight up as an immigrant, which is what anyone is who has moved countries. When I lived abroad it made me sick that white people were ex-pats, anyone not white? Well they were an immigrant. I now really have an issue with ex-pat as it's a club that only certain people seem to be able to join and once I realised what a loaded word it is, giving a status and a differential that is neither necessary not deserved, well to me it absolutely goes in the same bin as 'tribe'.
I’ve actually thought and wondered the same thing. Thanks for asking! 😊
Wow, interesting question! Honestly, I don’t really have an answer to this… because that post was literally the first time I’d used the word expat! I don’t call myself anything. If you read past posts, I do always say that I immigrated to the UK. Expat just seemed like a word that could make the title shorter/accessible to more readers. The definition is also literally: "a person who lives outside their native country." And that's me. But anyway, like I said, it's not something I'd ever called myself before! Appreciate hearing your thoughts on the word! Good food for thought.
I want to learn how good it feels to really stick to a budget and save regularly - something that has been really challenging for several reasons in the last few years. So far things are going to plan, and I’m privileged to have some circumstances that will help me in being able to save quite a bit regularly this year. Money is definitely emotional! I love Claer’s podcast, would be great to hear you on it having a chat with her Cait!
I love your goal, Philippa. It's so clear... *and* feeling-based, which I actually think is really important. Because money is so emotional, I think goals that are emotion-based ("learn how good it FEELS to stick to a budget and save...") are something we can actually work toward and FEEL an "achievement"/shift around, in a way that numbers-based goals don't always provide.
I'd LOVE to chat with Claer sometime. I had actually submitted my question to her show, but got the answer through the book + a recent ep!
Thank you Cait! While I have a figure that I want to save this year, I have also set out an approved list of things I can buy (like, ‘one lipstick from x brand, one dress from y shop) - so including the kinds of things that I really enjoy but have often overspent on in the past, and now a defined and reasonable number (usually one, and books are completely off that and now I am using the library). So far I have found the wiggle-room this list has given me is working: last night a certain dress I had my eye on for ages and was under that ‘one dress from brand y’ banner was in a sale making it affordable for me now, so I bought it and feel good about it - I know I have the money for it but I also know I am still saving what I said I would be, and I absolutely loved it when I tried it on last year so know I will enjoy wearing it. I was listening to Tiffany Aliche on the Mel Robbins podcast today and she mentioned her variation on questions to ask before buying something: ‘Do I need it? Do I love it? Do I like it? Do I want it?’ This struck me as very clever and gives me something on which to frame what I’m doing at the moment: there is still room for things I love, but ‘like’ and ‘want’ don’t cut it.
Yes, Claer mentions that in her book actually! I don't really like any of that language anymore... needs, wants, etc. But like + love feel gentle enough.
Great review! As a person moving closer to retirement age, I wonder what questions I need all myself and spouse. Due to a debilitating situation, my husband has been declared disabled. As long as we prove through his Dr that this is still the case, he can remain "employed" at the major shipping company he's been employed with for over 37 yrs. OR her can take retirement. With that comes a different set of concerns, namely health and dental insurance. We're not yet being forced to make that decision. But would it be better one way or another? Taking his "government" disability and me continue to work in my career until retirement? Or go ahead and take retirement, which pensions will be less due to his young age, but he'll also continue to collect disability? If I could advise any young person at all, I'd tell them to know from the start what you need to know for your future and how to be better prepared! There are no guarantees, and accidents happen that will knock one off course! Thank you, Cait!
I want to learn more about investing.
I would like to learn: how to feel more secure about my financial situation