UK investors lack confidence with money as survey reveals gender gap
Less than half of British people consider themselves confident investors, a new survey reveals a significant gender gap.
According to Aviva’s findings, only 44 percent of people describe themselves as confident in their investment decisions; While this rate rises to 57 percent among men, it drops to only 31 percent among women.
The research also revealed a common perception; Six in ten (61 percent) believe some individuals are “natural investors” rather than developing this skill over time.
Interestingly, almost a third (32 percent) of investors surveyed only ventured into the market later in life out of personal interest and curiosity.
What’s more, more than two-fifths (42 percent) expressed a desire to change past investment management decisions if given the chance, while 23 percent admitted to making choices they now regret. Only one in five (21 percent) reported being encouraged by family members to consider investing from a young age.
Two-thirds (66 percent) of respondents said they were interested in changing their attitudes towards investing and had a desire to build trust.
This interest peaked among people ages 18 to 24 (87 percent); This rate is almost twice that of people aged 55 and over (44 percent).
Alistair McQueen, Aviva’s head of savings and retirement, said: “It’s easy to think of investing as an innate talent, but in reality confidence is learned over time.
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“Many people start to feel comfortable only after they try it and realize that investing is about consistent habits rather than bold moves.
“The positive signal from this research is how many people want to increase their self-confidence.
“Starting small, keeping things simple, and giving yourself time can go a long way in turning curiosity into action.”
Censuswide surveyed 2,000 people across the UK in April.
Here are some suggestions from Aviva to build confidence when investing:
1. Consider creating a buffer first
Creating a basic emergency fund will help eliminate the need to cash out investments quickly. Traders can then slowly start building a small, regular amount that they won’t miss to build a habit.
2. Keep it simple
People may consider starting with something diversified so that they are not tied to a single company or industry for the growth of their investment.
3. Choose a time period
Investing is generally for money that is left untouched for the medium to long term (five years or more).
4. Consider where you get advice, especially online
Be wary of promises of guaranteed returns or secret strategies. If it sounds too good to be true, it probably is.
