According to a poll conducted among 2,000 adults, it was found that 32 per cent of them put money into something other than a regular saving account or cash ISA during 2022, with two-thirds of these doing so for the very first time.
With 36% looking for higher returns than savings accounts, three out of ten people (31%) said the cost-of-living crisis has inspired them to make their money work harder. While 41 per cent want to grow their money and wealth over time, although 32 per cent are looking to achieve their longer-term goals as quickly as possible.
In fact, those between the ages of 25 and 34 were the group most likely to invest in the previous year; 41% of this generation aimed to increase their financial security in this way. And overall, the trend looks to continue in 2023, with 35 per cent of all those polled saying they feel more confident about investing this year than before.
Brian Byrnes, head of personal finance at Moneybox, which commissioned the research, said: “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 – in fact, investing in a downturn can give you more bang for your buck.”