My journey into financial services generally and financial planning more specifically was purely accidental.

I was 19 and I’d just proved that the world of recruitment wasn’t for me.

This was for two main reasons…

Firstly I not very good at recruiting staff for the employers who worked with us..

and

Secondly I was even worse at persuading employers they should use our services.

Those two skills are typically fundamental in the life of a recruiter so after a little while, and after a particularly scathing meeting with my boss, I decided to cut my career in that particular field short.

At the time I had a friend who worked for a London based building society who told me that they were looking for entry level staff and I felt it might be a decent opportunity.

After a couple of interviews I got offered the role and was excited about starting my career in ‘banking’, although as a cashier in a high street branch in East London it was about as far away from pinstripe suits and bowler hats as you could get…

However looking back I realise how exceptionally lucky for a number of reasons…

However there’s one particular pertinent story i’d like to share with you…

In my first week I received my contract and an induction pack containing everything I needed to know about my new job…

Within this pack contained the fact that i’d be paying some of my salary to something called a pension but I could ‘opt out’ if I wanted to…

“Right” the 19 year old me thought “I’m opting out of that… that’s money I can spend on something useful like clothes, or Video games or in the pub!”

So I decided to tell my Boss, the branch manager Jane, who smiled and said this…

“Do me a favour Chris, go and have a chat with June first and then if you still want to do it come back…”

Okay I thought….I’ll go and do that!

June was the financial adviser who worked in our branch and the next time she was free I remember strolling into her office…

“June” I said “I’m going to opt out of the pension and Jane said to speak to you first…”

“Chris” she said with a firmness in her voice but a smile on her face “You’re not opting out of the pension scheme”

“What!” 19 year old me said “But I could use that money better…”

Junes laugh interupted both my comment…and my thought process.

“Chris” June continued “You won’t appreciate it yet….but you just need to stay in the pension scheme. Do me a favour and take my advice on this one…and if you see me in a few years time just thank me then.”

She smiled again and I rather ashamedly left her office. 

In the end I didn’t opt out. I carried paying on into the pension. It came out of my salary each month and as I’d always been used to the money coming out I never missed it…

Fast forward 21 years after that conversation I saw June’s Son in my local fast food restaurant one Friday lunchtime.

After a brief catch up I asked after June and he told me that she was still helping out in his business…and I told Dan it’d be great to see them both. A couple of weeks later June and Dan came to meet me and I started the conversation like this…

“June, I just wanted to say thanks…”

“What for Chris…”

“Well, you probably won’t remember this but 21 years ago when I first worked at the Woolwich you told me to stay in the pension scheme. Back then I didn’t have a clue how valuable it actually was to stay in that scheme. But every year I get a statement through my door telling me the income which will get paid to me at 60 for the remainder of my life. It’s not enough to give me financial independence but when it comes to contributing to it it’ll certainly help fill the gap.

Back then I clearly knew nothing. I didn’t know how valuable the scheme was, or the fact that time was on firmly on my side and how beneficial that was when it came to my pension, or the fact that our employer at the time was contributing so generously. I was just thinking about a few more beers in the pub, or another meal, or a few more shirts

So thanks June….you made me save earlier and avoid what might have been a pretty expensive financial mistake.”

“I’ve got to frank Chris….I don’t remember that!”

It’s funny. What was so prominent in my mind was just another ‘day in the office’ for June. However I appreciated then and especially appreciate now the fact that she’d nudged my in the direction to start saving as early as possible with the help of my employer and I’ll now benefit from that particular decision (or non decision as I didn’t actually take the action to opt out!) for years and years to come…

The strange thing is that I still won’t start benefiting from that particular scheme for a few years yet….but with the experience a career in financial planning gives you I now know the value of starting to accumulate wealth at a young(ish) age….something I certainly didn’t appreciate at 19.

So let me give you a little tip…

If you’re in your late teens or twenties start to save. You won’t want to….but when you hit your late 30’s or early 40’s hopefully you’ll appreciate some of the decisions you made back then for the person you are today.

If you’re the Mum or Dad of a teenager encourage them to Save. It doesn’t need to be huge amounts….just the price of a few beers, or a couple of meals out, or the price of a couple of shirts every month. 

They might ignore the encouragement. They might moan. Alternatively they might take your advice and have less of a gap in their financial plan than they might have done otherwise.

Take it from a man who got lucky and received a decent piece of advice when he was 19!