Podcast Summary
Find hidden talent on LinkedIn: LinkedIn is a valuable resource for hiring professionals, with over 70% of users not visiting other job sites. Essential numeracy skills can lead to a 26% wage premium, and National Numeracy Day on May 16th encourages checking essential skills via numeracyday.com.
LinkedIn is a powerful tool for small business owners looking to hire professionals. It's where you can find candidates who might not be actively seeking new opportunities but could be open to the right role. In fact, over 70% of LinkedIn users don't visit other leading job sites. So, if you're looking for high-quality talent, start your search on LinkedIn. Another important topic discussed was the significance of numeracy skills in the UK workforce. Mike Ellicott, CEO of the National Numeracy Charity, highlighted that there's a 26% wage premium for basic numeracy skills, and a lack of these skills can have far-reaching consequences beyond just financial matters. To address this issue, the National Numeracy Charity is organizing National Numeracy Day on May 16th. Listeners can get involved by visiting numeracyday.com and taking quick quizzes or assessments to check their essential numeracy skills.
Brushing up on math skills for better decision making: Improve math skills for informed daily life decisions, essential for managing finances and understanding complex situations, use tools like calculators to aid decision making.
Having a solid foundation in numeracy and basic math skills is crucial for making informed decisions in daily life, despite feelings of discomfort or lack of aptitude. The ability to use simple maths in complex situations is essential, especially when managing personal finances or comparing offers. While formal math qualifications do not necessarily guarantee numerical ability, the capacity to engage with math problems and use tools like calculators can lead to better decision-making. The speaker shared their personal experience of brushing up on their math skills and encouraged listeners to assess their own abilities using available resources.
Struggling with numeracy skills affects individuals and markets: Many people struggle with essential numeracy skills, leading to attitudinal barriers and market inefficiencies. Tools can help identify weak points and provide targeted learning resources to improve numeracy skills and make informed financial decisions, benefiting individuals and markets alike.
There's a significant portion of the population who struggle with essential numeracy skills, leading to attitudinal barriers that prevent them from engaging with numbers, particularly in financial contexts. This inertia not only affects individuals but also contributes to market inefficiencies, with poorer and less educated consumers often being disadvantaged. Companies and markets assume consumers have a certain level of numeracy, but this is not always the case. To address this issue, tools like the one discussed can identify weak points and provide targeted learning resources, helping individuals improve their numeracy skills and make more informed financial decisions. This not only benefits individuals but also creates more effective markets, where all consumers have equal opportunities to make the best choices for their financial situations.
Raising awareness for improving numeracy skills: National Numeracy Day highlights the importance of basic math skills and encourages individuals and workplaces to prioritize improving numeracy skills beyond just one day.
The lack of numeracy skills among adults in the UK is a significant issue that can impact productivity and overall economic growth. National Numeracy Day, which aims to raise awareness and improve numeracy skills, has gained support from various high-profile individuals and organizations. The concern is that many people underestimate the importance of being able to do basic maths, and the growing use of unsecured credit highlights this issue. With half the adult population working at primary school levels and 78% working below the expected level of a 16-year-old, it's clear that numeracy is a crucial skill that needs to be addressed. National Numeracy Day is an opportunity for individuals and workplaces to focus on improving numeracy skills and to make it a priority for the other 364 days of the year as well. It's important to remember that getting the numbers wrong can have serious consequences, particularly when it comes to planning for retirement.
Older people save more during retirement than realized: Older people save significantly in retirement, but may not have enough for long-term care costs. Focus on spending on lifestyle needs while still fit and able.
Older people may have more money to spend than they realize during retirement. Jason Butler, in his Feet money column, shares his experience with helping his parents-in-law manage their finances, revealing that they were a high-income couple who spent very little and had accumulated significant savings. This trend, according to research, is not unique to them, as older people across all income groups tend to save more in retirement. However, this savings may not be enough for long-term care costs for those who need it, as only a small minority of people in their eighties require significant care costs. Instead, older people should focus on spending their savings on meeting their lifestyle needs while they're still fit and well. The implication for younger people is that a comfortable retirement income is still attainable, despite the costs of student fees and housing. So, the message is to enjoy the fruits of your labor during retirement and consider gifting or helping the wider family with the savings.
Securing a financially stable future: Saving early and investing wisely: Millennials can secure a financially stable future by starting early, saving modestly, seeking financial advice, and considering investing. Despite the appeal of a housing deposit lump sum, investing and building wealth over time is crucial.
Both starting early and consistently saving modest amounts for retirement, as well as seeking financial advice and considering investing, are crucial for securing a financially stable future. Millennials, in particular, are missing out on the potential benefits of investing due to a lack of awareness and understanding, as well as a fixation on home ownership. The experts' suggestion of providing young people with a lump sum for housing deposits sparks an important debate, but it's essential to remember the value of investing and building wealth over time. The incremental approach of saving early and growing those savings faster than lifestyle costs is a practical and achievable way to secure a financially secure future.
Managing a DIY portfolio for investments is simple for millennials: Self-education and research are crucial for making informed investment decisions, Quince prioritizes ethical manufacturing, and 1-800-Flowers offers thoughtful Mother's Day gifts with discounts
Managing a DIY portfolio for investments is not as complicated as it may seem for millennials. While robo advice services and app-based investment services are popular options, self-education and research are key to making informed decisions. For those looking to begin their investment journey, checking out Kate's millennial money column on feet.com/money is a great starting point. Additionally, it's important to prioritize quality and ethical manufacturing when making purchases, as demonstrated by Quince, which offers high-end essentials at discounted prices while partnering with factories committed to safe, ethical, and responsible manufacturing. Lastly, this Mother's Day, consider giving back to the special moms in your life with thoughtful gifts from 1-800-Flowers, which offers handmade bouquets, sweet treats, gourmet food, and one-of-a-kind gifts, with up to 40% off Mother's Day bestsellers for a limited time.
