Simon Brady, an airport manager from Brighton earning £140,000, didn't think much about investing in his younger years. Raised in a working-class household where money talk centered on saving cash rather than growing wealth, Mr Brady's journey into investing began much later in life, with many valuable lessons learned along the way.
Mr Brady, 57, told the Daily Express: "Growing up in a working-class household made us very risk-averse and not trusting of financial organisations. I was focused on saving cash rather than anything more complicated than that. Other than getting a mortgage quite early, I didn't actually do any investing until much later in my life." After 16 years working abroad in Australia, Mr Brady returned to the UK with a significant lump sum from selling his property.
The question of how to invest this money sparked a steep learning curve. He said: "I wasn't sure how easy it would be to get back into the UK job market, so I needed to think carefully about where to place that money."
Mr Brady initially took the self-taught route, opening various investment accounts and experimenting with funds on his own, often learning from early mistakes. He said: "I had quite a few bad investments at first, but I got better the more I did it."
It wasn't until recently that he brought a financial adviser on board, which was a decision he wished he'd made sooner. He said: "In hindsight, I probably should have gotten a financial adviser earlier. It would have prevented some costly mistakes I made in the first three years."
Today, Mr Brady has embraced a tax-efficient investment strategy, maximising his wealth-building potential. His main tools include a stocks and shares ISA, which he maxes out yearly, and a £60,000 allowance into his Self-Invested Personal Pension (SIPP).
He has also invested £50,000 in Premium Bonds to benefit from their tax-free status. Premium Bonds, sold by National Savings and Investments (NS&I), are a Government-backed savings product where your money doesn't earn interest. Instead, each £1 bond gives you a chance to win up to £1million in a monthly prize draw. The prizes are tax-free, and you can't lose your original investment.
Mr Brady shared some key advice to others, particularly those from working-class backgrounds who might feel investing isn't "for people like me".
Start as early as possible to harness the power of positive compounding.
Understand your risk profile and align your investments accordingly.
Build a trusted cohort of advisors early - including tax professionals and financial advisers.
Don't be intimidated by the headline costs of financial advice: it often pays for itself in the long run.
Mr Brady's story forms part of a wider pattern emerging across the UK. New research by Santander UK and the Centre for Economics and Business Research found the UK's one million 'Self-Mades' - individuals from low-income households who have risen to the top 20% of earners - collectively hold £40.7 billion in under-utilised cash savings.
Despite the figures, 28% of Self-Mades don't invest at all, nearly double the rate of other high earners. Many cite a lack of financial confidence and uncertainty over where to start.
Mr Brady said: "We learn how to bake scones [at school] but we didn't learn how to manage a penny."
This gap is rooted in upbringing. Only 52% of Self-Mades grew up discussing money, compared to 74% of other wealthy earners.
Santander is calling on policymakers to embed financial education within apprenticeship schemes and social mobility initiatives to empower future Self-Mades.
Kitty McCormick, head of wealth at Santander UK, said: "This is a story of unlocking potential. It's more than just a missed opportunity for individual growth; bridging the investment gap among the Self-Mades through targeted financial education could inject billions into the UK economy, with benefits for communities and the wider economy.
"The Self-Mades have proved their earning potential. Now it's time to back them with the tools, knowledge, and confidence to make their income work harder for them."
Santander offers a range of investment options to help customers achieve their goals, including a free 30-minute chat with one of the bank's Financial Planning Managers. More information can be found here.
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