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He added that people who have a lump sum they would like to invest could: “Look for Investment Bonds which usually allow you to withdraw a small amount each year, tax free. Many can be opened in single and joint names, so while a good idea for retirement, it can also be used for saving up for something special, whether that be a child’s wedding, first home, or a holiday of a lifetime.”

35 to 45

This age tends to be relatively expensive when it comes to personal and familial expenses, Mr Shaw advised looking at medium-term investment plans, some of which could come with much needed life insurance. 

He shared: “Look for products like Tax Exempt Savings Plans which allow you to invest a small, set amount of money, tax free, over 10 years. The investment sits in a growth fund designed for long term savings, and, the cash is available in a lump sum once the plan matures, and may also come with life insurance. 

He noted it’s “perfect for when children get older and you want a cash boost, whether it be a new home, house upgrades, school supplies or a nice holiday”.