Two minutes with… Iona Bain, freelance journalist and author of “Spare Change”

Following the launch of MRM’s latest report, “Generation Austerity: Brexit and Beyond” which looks at the attitudes of 1000 18-25 year olds on a range of financial topics, we quiz contributor Iona Bain, freelance journalist, founder of the Young Money blog and author of “Spare Change”. Iona was also named Money Blogger of the Year at the recent Santander Media Awards 2016.
You contributed to the saving and spending section of the report. What findings interested you most about this year’s Young Money report?
The fact that young people in my native Scotland were the most pessimistic about Brexit, believing it would negatively affect their finances. It shows just how much political sentiment can drive people’s perceptions of their own financial situation, even if they know little of how the economy works and can’t possibly tell how things will pan out.
2016 has been quite a year, with Brexit, a change of Prime Minister, and more recently, Donald Trump being crowned president-elect in the US. What advice would you give to any young people anxious about their finances in the face of these unexpected events?
Young people are experiencing acute anxiety and paranoia in a way my parent’s generation never did. Much of it is rooted in real worries about housing, job prospects, income etc but those issues were all affecting us long before Brexit and Trump came along.
Many young people are by nature sensitive to humanity’s problems, idealistic and keen to help others. The problem is that you can’t be a principled, effective and functional person unless you look after your money. So young people have to be pragmatic about their finances regardless of the political outlook so they can weather the storm. Also, we need to get offline and start living!
It’s been a busy year for you, with the publication of your first book, “Spare Change”. Could you give us a quick overview about it and tell us what drove you to write it?
I wanted to write for people who would never normally pick up a book about money. It invites the reader on this path of financial self-discovery, so they identify how much money they really need and what they really want to use it for. Also, it’s packed with great quotes and pictures throughout – Julia Murray, the illustrator, drew a particularly eye-popping image of Dolly Parton which is hard to get out of your head…
What else do you have on the horizon this year?
As well as my freelance work and the youngmoneyblog.co.uk, I’m speaking at various events, including the Association of British Credit Unions conference, and would love to do a second book about investing. I was thrilled that Spare Change was named one of the top 5 feminist books of this year so I want to get more young women thinking about investing.
If you could change one thing about the financial services industry, what would it be?
I would like the government to set up a national credit database so that everyone can access their credit rating for free. That way, private credit rating services could finally be banished from our lives. I can’t see why they should be allowed to control such an important aspect of our everyday lives for a price. Also, the damage they can wreak on people’s lives through errors is unforgivable and I think a state-owned service would be more accountable.
What would you do if you were Prime Minister for a day?
Fine housing developers if they fail to build homes swiftly once planning permission is in place. Also, revoke the driving license of anyone caught with their phone at the wheel as a deterrent.
What is your biggest pet peeve, or makes you angry?
The fact that many young people these days are intolerant to those who hold different views from their own.
Now, tell us a little about your life outside of work, do you have any hobbies?
I am a trained musician so I play piano, cello and write songs as well. You can check out my stuff at soundcloud.com/ionabain.
What is the one column or website that you read every day?
I try not to get too wedded to one media outlet – the only website I feel mildly religious about is Pinterest.
What would you do if you received a windfall of £10,000?
I am currently renovating a seaside cottage in Kent and it needs a lot of work, so £10,000 would be a godsend!