How the Russia-Ukraine conflict could affect young people’s finances (via CNBCMakeIt)
Energy commodities like oil had already been on the rise prior to the escalation of geopolitical tensions, feeding into higher fuel prices. A gallon of gasoline in the U.S. stood at $3.610 on Monday, according toBesides using public transport more to cut back on car fuel, which isn't always possible, Sarah Coles, personal financial analyst at U.K. investment platform Hargreaves Lansdown, suggested that keeping up with easy car maintenance could reduce overall costs.
Coles said that for those with money to do so, it's worth investing in housing insulation, to minimize heating costs in the longer term. "Otherwise, there are still steps you can take — like turning the thermostat down by one degree, switching radiators off in rooms that aren't used regularly, being more ruthless about how often you run the dishwasher and washing machine, or installing DIY draught-proofing.
However, he also pointed out that the level of global agricultural prices hadn't risen much since the Russian invasion of Ukraine began. Coles said the most important action young investors can take is to ensure their investments are diversified, "with exposure to a variety of geographies and an appropriate asset class mix for your age and investment horizon."
"By paying into your pension regularly, it means you pay in when markets are lower, when your money goes further and buys more units," she said, explaining that this means investors stand to gain even more once markets recover.
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