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We are most ‘financially efficient’ in our fifties, according to a recent study. But what impact does our job have on our ability to save and invest effecively?

According to a study called “The Age of Reason; Financial Decisions Over the Life-Cycle with Implications for Regulation” we pay less fees and interest rates when we reach our fifties then we do at any other time in our life – even when we are older than fifty.

The study found that we are most financially adept when we are about 53. The implication is that by the time we have passed middle age we start benefiting from our financial experience.

As a professional financial adviser – who has dealings with many clients – I would have to concur with this finding. I would also add that people are less financially responsible when they are younger despite the fact that their knowledge of finances increases in their 20s and 30s.

However, I would have to add a proviso that often a person’s job can have an influence on a person’s ability to handle money efficiently – and I’m not just talking about job security either.

In our experience at Infinity Financial Solutions those with jobs that involve running businesses and handling finances are often more astute at dealing with their own finances. Those with jobs that do not touch on this experience find it more difficult.

As an example someone working for an NGO or charity might not have any experience with budgeting and financial matters. They may not be familiar with the impact of interest payments and bank fees and charges. And this may cost them.

A Chief Financial Officer or an Accountant, on the other hand, would be au fait with the workings of banks and other financial institutions. As a result they will be able to put this working knowledge to use to beneft their own finances and investments.

However, all is not lost for those who are not in their fifties and those who do not have a financially-related job. There are professional advisers who will provide the expertise required to make sure that those who wish to invest are financially efficient. Perhaps more important than age is discipline and ability to plan ahead. This is where most people need help. It is help we at Infinity Financial Solutions are happy to provide.

Trevor Keidan wrote this post.

Trevor is Infinity's Managing Director and Chief Executive and resides in Hong Kong.

View Trevor Keidan's profile page.