Helping Gen Z to get ahead

Small savings are better than none starting out

Jamie Brown

Chartered Financial Planner at Anderson Strathern

Even on a starting salary, building good financial habits will help achieve goals faster. It’s not just about managing weekly spending or having a savings pot – it’s about using the right tools and being consistent.

A Lifetime ISA can be a powerful way to kickstart savings towards your first property. With a maximum deposit allowance of £4,000 per year, the government adds 25 per cent to any funds saved – up to £1,000 per year.

This can make a significant difference over several years if you are saving for a first home.

Being proactive with your money, rather than waiting until circumstances force you to act, is vital. You could start by building cash savings into an emergency fund for the short to medium term, and consider investing anything you can afford to commit to the longer term.

However, it’s important to stay sensible and cautious.

Getting your first foot on the property ladder

Katie Russell-Hall

Associate in the Residential Conveyancing team at Anderson Strathern

Purchasing your first home can be daunting, as you’re navigating a new market. And in Scotland, the home buying process can be more complex than it first appears.

Always start with the home report value. You might see a property listed for £120,000 and think it’s within budget, but the home report value is £140,000 – meaning you may need significantly more than your planned deposit.

Understanding that final offers are often above home report value helps you budget realistically. It’s about having the knowledge to plan your finances accurately before making an offer.

You’ll also need to ensure your deposit is fully traceable. Just like gold used to be, non-regulated forms of wealth can not be used for property purchases if there is no paper trail – and that includes any quick crypto wins.

Remember, the mortgage application process can only begin once your offer is accepted. Your lender needs the property address and exact price before issuing an offer – a process which typically takes four to six weeks.

As soon as your offer is accepted, contact your bank or mortgage advisor to progress your application. Once you’ve received your offer, your solicitor can enter you into a legally binding contract to purchase the property.

Planning to move in with a partner? Get your paperwork sorted

Debbie Brown

Associate and Notary Public at Anderson Strathern

Under current law, an unmarried partner has no automatic right to inherit if their partner dies without a will, meaning they could be left with nothing or forced to make a cohabitation claim to inherit a share of the estate.

On the other hand, cohabitees can legally have a claim on the property if the owner hasn’t written a will, which may not be prefered if they’re in a new relationship or want the property to be left to a family member.

A cohabitation agreement sets out what should happen if the relationship ends or one partner dies, helping avoid disputes. It’s a topic many don’t want to consider at a young age, but having a safety net in place ensures they will be fully protected if anything go awry.

It’s not unusual for couples today to live together unmarried. Some are investing in their first property together, which can carry risks, so don’t put off uncomfortable conversations that could cost you in the long run.

It’s a common misconception that wills are only for older people or the ultra-wealthy, but it’s one of the most important ways to protect your wishes and the people you care about. According to The National Will Report of 2024, only 53 per cent of adults in the UK – and just 41 per cent of 18-24-year-olds – have made a will.

Without a will in Scotland, your assets can pass to parents or full-blooded siblings, regardless of your personal wishes. A cohabitee must make a legal claim to receive part of your estate – including bank accounts, pensions and personal belongings – causing unnecessary stress during an already traumatic time.

Having a will in place lets you choose exactly how your assets should be divided and can reduce costs and delays for your loved ones.

*The National Wills Report 2