- 35% UK adults felt more confident about investing in 2022 than ever before, only 9% were less confident
- 32% of those surveyed chose to invest their money last year, 66% of these for the first time
- 34% didn’t invest last year because they couldn’t afford to, 14% intend to invest more this year and 1 in 10 plan to start investing this year
- Survey also finds that cost of living challenges have prompted Brits to build positive financial habits with 3 in 10 better at managing their money now than before the crisis, 4 in 10 are now working towards becoming more financially resilient for the future
Monday, Feb 27th, 2023: Nearly a third (31%) of Brits have investing high on their financial agenda this year, wanting to make their money work harder and get better returns in the long term, as the cost of living pressures persist.
Despite the extreme volatility in the stock market in the last year, interestingly, consumer confidence in investing appears to be improving, with 35% of respondents feeling more confident about investing in 2022 than before. 32% of those surveyed chose to invest their money last year, 66% of these for the first time.
When looking at the reasons people chose to invest, four in 10 (41%) want to grow their money and wealth over time, a third want to benefit from better returns than savings rates (36%) and 32% want to do what they can to achieve their longer-term goals as quickly as possible.
In the survey of 2000 people commissioned by saving and investing app Moneybox, only 19% of respondents said they didn’t want to invest. Among those yet to invest, a third (34%) said they can’t afford to right now. 3 in 10 are worried about losing their money and over a fifth (22%) are hesitant because they don’t feel confident enough.
Moneybox also asked respondents about the impact the cost of living challenges endured to date have had on their approach to money management. A third (34%) of Brits say the experience has prompted them to take better control of their finances. Four in 10 (41%) are now prioritising becoming more financially resilient and a quarter (26%) are planning for the future more than they did before the crisis.
Nearly three in ten (29%) say they are better at managing their money now and other positive financial habits that have been nurtured during this time include: making a budget for the first time (27%), negotiating a better contract with a current provider for the first time (25%), switching bank / financial services provider to get a better deal (19%).
Brian Byrnes, Head of Personal Finance at Moneybox, commented: “The benefits of building positive financial behaviours early in life can not be overstated and it’s positive to see the financial challenges endured in the last year have prompted so many to take more control of their finances and start planning for their future.
“We know that investing, for many, can still be daunting but it is an increasingly essential part of any financial plan to help mitigate the impact of inflation over time and build wealth for the future to help achieve longer-term financial goals.
“Market volatility is not unexpected or even a bad thing for investors and investing in a downturn can give you more bang for your buck. In fact, Moneybox investing customers have chosen to invest 30% more year over year.
“This research also tells us that it’s likely not many people realise that if they have a workplace pension they are already investors. By learning more about how their pension works and how it is invested, they can grow their knowledge and become more confident about investing overtime.
“Often the best way to learn is by doing and you can open a Moneybox Stocks & Shares ISA for just £1 to get started. You can choose one of the starter options that have been created by experts to help weather any market volatility and help you grow your money over time.”
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Notes to Editors :
1 Research conducted by One Poll on behalf of Moneybox with a nationally representative survey of 2,000 UK adults (General Population) between 14 December – 19 December 2022.
About Moneybox:
Moneybox is the award-winning app on a mission to help people build wealth with confidence so they can enjoy life, today and tomorrow. Launched in 2016 by co-founders Ben Stanway and Charlie Mortimer, the company has experienced rapid growth, and today has over £3.5bn in assets and a community of more than 1 million customers. Moneybox provides a range of great value products and services, across saving, investing, home-buying, and retirement as well as helpful tools and educational content, to help people manage and achieve their short, mid, and longer-term financial goals. Moneybox enables customers to set money aside in the way that suits them best using round-ups, regular deposits, or instant payments. In March 2022 Moneybox raised £35m in a Series D funding round, led by Fidelity International Strategic Ventures, existing investors Oxford Capital, CNP, Burda and Breega, plus new investor Polar Capital. This brings total funds raised by the digital wealth manager to £100+ million.
Contacts:
Joanne Leahy, PR & Comms Lead, Moneybox
07791894469