It takes time, and often a few mistakes along the way, to really understand money — how to make it, and how to protect and grow it once you do.

Many adults still don’t feel confident with financial matters — about four in ten in the UK, according to a recent report from the London Foundation for Banking and Finance. Yet many are afraid to admit it.

To help, we asked some top experts in personal finance for their advice about five key money lessons we all should learn but may be too afraid to ask about.

The earlier you start saving, the easier it is to grow your money; you can put away relatively small amounts and let them build up over time.

“Starting early gives your money more time to work for you, turning even small amounts into substantial wealth over the years. This is because of compounding growth, which means you earn returns not just on your original investment, but also on the growth it generates over time,” said Anthony Villis, the managing director at First Wealth.

If you’re saving for the long term, investing — rather than leaving everything in cash — can give your money a better chance of growing.

According to the financial data firm Moneyfacts, £10,000 saved into a cash Isa in 2010 would have returned an average of 1.79 per cent a year and would now be worth £13,077. In a stocks and shares Isa the average return would have been 5.77 per cent a year, making your money worth £23,712.

Lesson 2: the quick way to work out how much you’ll get

The Rule of 72 is a quick way to estimate how long it may take your investments to double — just divide 72 by your annual return. If returns averaged 7 per cent a year, for example, it would take roughly ten years to double (72 divided by 7).

So if you invested a lump sum of £20,000 and it grew 7 per cent a year after fees, it would be worth about £40,000 after ten years and £80,000 after 20 years.

It’s why some people pay into junior self-invested personal pensions for their child. A child age five who has £5,000 in a junior pension (which would cost you £4,000, with tax relief taking it up to £5,000) could have a pension pot totalling £330,000 at age 65 even if they never paid in again. Bear in mind, though, that inflation will erode the value in real cash terms.

Lesson 3: build an emergency pot first

Before investing, paying down debt or committing money elsewhere, it’s good practice to have a pot of savings in place to tide you over in case of an emergency. A quarter of UK workers would run out of money within a month if they lost their jobs, suggests a survey for this newspaper’s Smarter With Money campaign.

This money should be held in easy-access cash accounts where you know clearly how much is in there and can withdraw what you need immediately. There are easy-access cash Isas and general easy-access savings accounts with interest rates of up to 4.5 per cent, including with Chase UK and Trading 212.

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The general rule is to aim to have enough to cover three to six months of key expenses such as housing costs and bills.

Lesson 4: understand risk

Investing comes with risk warnings for good reason. Stock markets rise and fall, and you could get back less than you put in, especially if you withdraw money in the first few years.

Marianna Hunt, a personal finance specialist at the wealth manager Fidelity International, said risk is a word that can sound scary, especially for people new to investing. But it’s important to understand that risk does not mean gambling with your money — and saving into cash comes with risks too.

“Many people naturally drift towards what feel like ‘low-risk’ options, for example cash savings accounts or low-risk bond funds. When the interest on cash doesn’t keep pace with inflation, that money loses purchasing power over time. It means your money buys you less,” Hunt said.

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Investments with higher potential returns can be more volatile in the short term, but over longer periods the ups and downs tend to smooth out, giving investors a better chance to beat inflation.

Using the Moneyfacts data above, £10,000 saved into a cash Isa in 2010 would today be worth £10,000 less than if the same sum had been invested in a stocks and shares Isa, based on the average returns over 15 years of 1.79 per cent and 5.77 per cent.

Lesson 5: know your budget and make it simple

Understanding your finances is an important step towards taking control of your money, said Derek Sprawling at the lender Spring.

Start by calculating your income each month, including salary, benefits or side earnings. Then list every outgoing, from essential bills such as food shopping, transport and rent to subscriptions and phone contracts. This step matters because there could be an old subscription you’ve forgotten to cancel.

Once you can clearly see what’s coming in and going out, it’s easier to spot opportunities to save or invest.

“If budgeting feels overwhelming, the 50-30-20 rule is a great starting point. This is where you aim to allocate 50 per cent of your take-home pay to needs, 30 per cent to wants, and 20 per cent to savings or investments. It’s not a perfect formula, but it’s a simple way to implement a budget that can be easy to follow,” Sprawling said.