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I definitely will say don’t invest in stock and shares except you are open to the risk and don’t invest in cash isa if you want more risk and gain, and don’t go into stocks and shares if your aim is to be safe
So basically it boils down to where you are financially and what your risk tolerance is. Do you have an emergency fund of at least 6 months living expenses? If not build that in a savings account. Assuming you’re a lower rate tax payer then you don’t have to put it in a cash ISA. Next do you have any debt? If so prioritize paying it off. Debt interest typically is much higher than savings/ROI. Now you can consider investing/saving and it all depends on what your goal is, timeframe and risk tolerance.
Short term (may need the money within the next few years or very low risk tolerance - Cash ISA. Medium/long term term (5+ years) and willing to take a risk - investing. If you’re going to invest then there’s the hard choice of what to invest in. Go on YouTube and look for Damien talks money I think the channel is, he makes a sound argument for a globally/all world tracker.
Do your research.
I’ve invested in both self selected stocks and all world. With hindsight I wish I hadn’t gone the stock route as it’s been a rollercoaster (20% up at it’s best 20% down ATM), but it’s within my happy to risk and I’m not touching it for at least another 8 years. The all world has been much more stable. One thing I will say is avoid penny/volatile stocks when you are just starting. They are high risk for those who don’t really know what they’re doing.
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Idk if i chose correct tag, but I just got trading 212. I worked quite a bit for like a month . But I worry I’m wasting my money away with no savings.
Should I bother trying to invest? Such as with the Stocks ISA, or just go straight to the Cash ISA and save whilst accumulating interest?
I know nothing about investing, at all.
Any help appreciated thanks!