UK investors are more excited about seeing a return on their investment than they are from losing weight, yet two-thirds of Brits have not even tried investing.
Research from Wealthify shows the number one priority for almost a quarter (24%) of the UK is to manage their finances. However, almost two-thirds (62%) of respondents are not investing, while just 2% claim to have invested in a Stocks and Shares Isa for the first time in the past 12 months.
Instead, household chores (16%), doctor or dentist check-ups (10%) and DIY (5%) all fall higher on the to-do list than starting an investment Isa, which is the top priority for just 2%.
The survey of more than 2,000 UK adults shows almost three-quarters (74%) of respondents get a buzz from investing, compared with 62% who are excited about losing weight, while 32% equate the feeling to grabbing a shopping bargain and 20% compare the experience to going on holiday.
The results also highlight emotional benefits to investing, with 35% of investors suggesting it makes them feel in control while one-fifth (20%) feel more confident about their finances.
However, some of the misconceptions holding people back from investing in a Stocks and Shares Isa include the belief that they don’t have enough money to invest (30%). Meanwhile, almost one-fifth (19%) think investing is too risky and 16% think they need to understand more about investing before trying it.
Michelle Pearce, co-founder and chief investment officer of Wealthify, says: “In today’s low-interest and high-inflation environment, it is encouraging to see more than a third (35%) of Brits invest. However, with just 2% saying they’ve put money into a Stocks & Shares ISA for the first time in the past 12 months, there’s clearly still much to do to persuade Brits to open their eyes to the opportunities investing can provide.
“It is surprising, that one in five people thinks investing is too risky. This suggests they don’t realise that not all types of investing are high risk and they can choose a risk level that suits them. We think there is a clear and urgent need for education and information from the government and industry to dispel misconceptions around investing and empower people so they feel confident to give it a try.”
Among those that do already invest, 44% say they were took the plunge to save for a comfortable retirement or later life, while two-fifths (42%) wanted to make their money work harder for them. Meanwhile, 37% want to generate more income and almost a quarter (24%) felt they were in control of their finances.