A lack of confidence and fear of making the wrong decision is deterring people from investing, new research from Quilter has revealed.
Research by the wealth manager found savers and would-be investors feel less confident during periods of market volatility and uncertainty, as well as when faced with tax-related decisions. As a result, many delay investing altogether out of concern about making the wrong choice.
However, four in 10 (40%) say they would consider using targeted support to guide their decisions, rising to 51% of HENRYs (higher earners not rich yet).
Quilter said this points to a gap between those who do not feel comfortable investing alone but may not need or seek full financial advice.
Kane Harrison, CEO of Quilter Invest, said: “Our research shows that many people are missing out on investing simply because they don’t feel confident enough to get started. Market uncertainty and complex decisions can make it feel overwhelming, particularly if you’re new to it.
“There is a large group of people who don’t need full financial advice but would benefit from some support to make informed choices. Targeted support is designed to bridge that gap by giving people the reassurance and direction they need to take their first step.”
In response, Quilter Invest – the savings and investment app of Quilter – has launched a new targeted support service. The service provides simple, structured support at the point people are deciding whether to invest and where to begin. It is available to those investing through a Stocks and Shares ISA or General Investment Account.
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