Young people need to buy into a saving culture

At 26, he is among Britain’s youngest chartered financial advisors, but has already amassed a wealth of experience to back up his First Class honours degree in Financial Economics.

Having recently moved into his first home with girlfriend Nicole, he’s fully aware that everyday bills and having fun with friends can often take priority over pensions and ISAs.

But as director of Redcar financial service firm Bob Little & Co, he sees first hand the benefits of what putting even a small amount of money aside for a rainy day can bring.

“There’s very little culture of saving among young people,” he says. “The excuse is always that everything’s so expensive, or it can wait for another time, but saving should be viewed as a necessity, not a luxury."

“The power of compound interest can increase your savings dramatically and many clients says say that once they start putting money away regularly, they don’t miss it any more.

“Young people might see their parents retiring at 55 but that just won’t happen in the future - if they’re lucky they might retire at 67 or 68. People just assume something lucky’s going to happen to them and they won’t have to worry about it.”

Robert and Nicole are cutting their own costs by renovating their 1928-built Redcar semi themselves, although that brings its own challenges for the couple, who have two dogs, two kittens and a rabbit.

“In theory we could have just moved in but we wanted to put our own mark on it, and because we want to do it all ourselves, it’s going to take a little longer,” he says.

“We’re doing all the rooms at once and it’s like a building site at the moment.”

His late father Bob, who founded the firm in 1986, taught him DIY skills as well as starting him off on his future career, while Nicole, an administrator at PD Ports, has done all the plumbing in the bathroom.

“The house is liveable, although you have to step over tools when you want to do anything,” he says. “We’ve got the kitchen in now, which is the biggest achievement so far. We’re still having to go elsewhere for showers and baths, though!”

They’re currently waiting for the oven to be wired in, which will allow Robert to indulge his love of cooking, especially Asian dishes.

He’s also a keen runner and has completed the Great North Run and Redcar Half Marathon several times to raise funds for a local charity close to his heart, Victorias Wish.

“One of my friends, Vicky Lawrence, died quite suddenly when she was 19,” he explains. “Her younger sister had cancer for years and she’s now fit and well.”

“The charity helps children with cancer and other life-threatening illnesses by paying for holidays, respite care and even funeral costs where necessary.”

The new house is just round the corner from his mum, close to the sea and not far from the company’s offices at Prospect House, Kirkleatham Business Park.

“We’re both Redcar born and bred. Although we went away to university, we’re home birds and returned shortly after completing our courses,” he says. “We never really considering moving anywhere else.”

And if any of his friends are ready to start thinking about the future, they know where to find him.

“My advice to anyone looking for services such as investment and retirement planning, mortgages or financial protection, is that they have nothing to lose by having a free consultation,” he says.

“And the earlier they start saving, the better.“

FIVE minutes with Robert Little...

Favourite North-East building and why?

The Baltic In Gateshead – I like the modern interior mixed with the old exterior.

What was your first job and how much did you get paid?

Newspaper boy - £13 a week paid in cash in a little brown envelope.

What is the worst job you've had?

Newspaper boy on a Friday when the supplements were to be delivered. They were so heavy. It was even worse in the winter when it was dark and wet.

What would you cook for me if I came around for dinner?

Thai red curry and long grain rice

What would your superpower be?

Teleporting – it could give me more spare time to get things done

Name four people, dead or alive, who would be at your perfect dinner party.

Fyodor Dostoyevsky, Ernest Hemmingway, Kelsey Grammer and Bill Bryson.

Most expensive thing you've bought - other than car or house - and how much?

I never really go out shopping but I recently bought a house so I suppose the most expensive thing I have ever bought would be a new range cooker. It cost a £1,000 but it will be worth it because I enjoy cooking.

Who is the best person to follow on Twitter and why?

The Economist – they always have very interesting articles.

Favourite book?

For Whom the Bell Tolls.

When did you last cry?

Probably three years ago when my Dad died

What is your greatest achievement?

Passing my exams and receiving Chartered Status in June.

What's the best piece of advice in business you've ever been given?

Treat your customers well and the rest will follow.

Favourite animal and why.

I like animals I have two dogs two cats and a rabbit at home but I think my favourite animal would have to be dogs because they are loyal companions.

Most famous person on your mobile phone.

Me – now I’m in the Northern Echo.

What was the last band you saw live?

Limp Biscuit.

Describe your perfect night in.

Dinner and Netflix.

In another life I would be...

A detective or a journalist anything that involves a lot of research and analytics.

Who would play you in a film of your life?

Possibly Heath Ledger.

What irritates you?

Inconsiderate people

What's your secret talent?

A good memory.

LATER this month Robert will be offering expert advice in a regular column for The Northern Echo.