‘I’m investing to beat the paltry income from Premium Bonds’

Not the typical first-time investor, David Ball, who works in community transport in Norwich, began investing in his 50s to make his money work harder for him, given the paltry interest rates offered by savings accounts.

“My aim is to boost my income with dividend- paying stocks rather than attempt to pick the next big technology winner,” he said.

He owns shares in National Grid, which yields 5.1pc, as well as GlaxoSmithKline, the pharmaceutical giant, which yields 5.9pc. Both pay out handsomely compared with the 1pc average interest on offer from Premium Bonds, where he parked his cash before.

“I look for firms that have a history of paying dividends regardless of economic conditions. I’ve no interest in finding hot stocks,” he said.