Double Take: from parental advice to social media, how has investing changed?

Leah first learnt about investing on the way to a rave, after overhearing strangers on the tube talking about crypto. Ben learnt about it from having open conversations about money with his step-father.

In this instalment of Double Take, the 28-year-old freelance model, content creator and brand manager sits down with the 50-year-old airport worker to compare notes. From advice passed down from family to tips picked up from social media, they chat about how different generations find their way into investing – and how those first introductions can shape what follows.

A quick note before we get started: Monzo doesn’t offer crypto investments. Cryptoassets are high-risk and largely unregulated in the UK.

What’s your take on investing?

Leah: I think it’s important to have your money working for you and not just sitting in your bank account. When I learned that you can do that through investing it was kind of mindblowing; that you can put your money somewhere and have it working for you rather than doing nothing. [It can] set you up for the future long-term. I’d love to be able to be flexible in terms of where I could live and I feel like if I had that financial stability, then it would make that possible. 

Ben: And when you’re laying on a beach in the Maldives, the money will just be coming in!

Leah: Yep, that’s the plan!

What myths about investing do you think need to be busted?

Leah: A lot of people think investing is just for rich people. There's a perception that you need to have a lot of capital to actually invest. That’s not the case. You can invest with any amount of money and start an investment journey that way. 

What were your initial assumptions around investing?

Leah: I didn’t understand it at all. It wasn’t something I initially ever thought I could do, coming from my background. No one in my family would have been an investor or would have understood any of that. 

How old were you when you started investing?

Ben: It was a bit later in life, when I was about 40. Back in the day I wasted a lot of money. I was especially into cars, and I put my money into some expensive ones. But I was losing money every time I sold them. So I decided to invest my money in something else. 

How did you first learn about investing?

Ben: [From my] step-father, that’s how I got into it.

Leah: I was on my way to a rave. I was on the tube with one of my friends and we ran into a group of guys who were also going to the rave, and they’d made a lot of money from cryptocurrency. That was the first time I’d ever even heard about it. 

How has the culture around investing changed over the years?

Leah: I used to teach in an all-boys school. They were secondary school age, and they were looking at trading the stock market [on their phones]. They all had information about that, which is quite wild, as I think 20 years ago that wouldn’t have been the case. So I think social media has really shaped how people view and see investing.

Ben: Yeah, there’s a lot more out there now on social media. 

What matters to you when investing?

Leah: I look at risk and return. With the stocks and shares that I’ve invested in, I’ve always looked at how they’ve done in the past. Obviously you can’t predict it exactly, but I try to take calculated risks.

Ben: Definitely, you have to watch the risks and do your homework to find out which is best.

Leah: I look at the fees and hidden costs, too. I also consider things later down the line and how it would work if I wanted to sell or take money out.

Do you think your approach to investing has changed over the years?

Ben: It definitely has. I know more about investing now – I do my homework and look around to see the best places to invest. I’ve been into banks when I’ve been looking at investments and property, and spoken to people there.

What types of investments interest you?

Ben: For me it would be stocks and shares, property and just sticking my money away into savings accounts. How about you?

Leah: Stocks and shares and crypto are interesting to me. I know crypto is riskier, but I’ve done a lot of research and err on the side of caution. 

Ben: Oh you do crypto? I did [crypto] many years ago, and I lost straightaway.

What’s your takeaway on investing?

Leah: I’m not going to be investing in fancy cars! I think it’s important to look at all the information around you and do your own research. You said your step-father was an influential person for you because he had the knowledge and experience, so I’d like to speak to people who have knowledge and experience in certain areas and have had success. How about you?

Ben: I think it’s important to do your research and homework, and get great advice if you can.

While Leah and Ben mention cryptocurrency in their chat, it’s important to understand how that differs from the options you’ll find in the Monzo app. 

You can’t buy, sell, or hold individual cryptocurrencies through Monzo. Cryptoassets are high-risk, largely unregulated in the UK, and your investment isn’t protected by the Financial Services Compensation Scheme (FSCS).

What we do offer: Monzo gives you access to a range of regulated funds. You can choose from a range of options to suit your interests, values, financial goals and the level of risk you’re happy with. Learn more about investing with Monzo to see how you could get started.

You need a Monzo current account to use Investments. UK residents 18+. Ts&Cs apply. The value of your investments could go up or down and you could get back less than you put in.

The people featured in this article are members of the public sharing their personal experiences. Their views are their own and don’t represent the views of Monzo. This content is for information only and isn’t financial advice.