How expert advice can boost your financial confidence now

Category: News

A recent report, published in MoneyAge, has found that Brits lack money confidence, an issue with potentially huge financial implications.

The digital savings and investment app Moneybox has found that only a third (32%) of UK savers are confident about managing their money. Almost two-thirds (64%), meanwhile, believe that a lack of confidence has caused them to miss out on financial opportunities.

According to Moneybox, the cost of these missed opportunities to an individual could be around £65,000 on average. This equates to a potential £2 trillion of additional spending power for the UK economy.

Whether you’re worried about your own financial confidence, or that of a loved one, expert financial advice can help.

Keep reading to find out how.

A lack of financial education is creating a confidence gap and could be costing you thousands

Financial education has been part of the National Curriculum in council-run secondary schools since 2014. But some schools, including free schools and the 80% of UK secondary schools now classed as academies, have the option to opt out.

With this in mind, the government recently launched a review into financial education in schools. The review comes a full decade after the subject was first added to the curriculum, but the problem is a historic one.

The majority of us will have left school without a financial education, fending for ourselves or seeking advice, whether from parents or financial professionals.

The findings of the Moneybox report suggest that this lack of knowledge has turned, over time, into a confidence gap, with measurable financial consequences.

This is Money reports that financially confident people save and invest more money, more consistently. This could help to explain why financially confident people have a higher net worth, of around £84,000 on average.

The report finds that of those who consider themselves financially confident, 70% save monthly. This group comprise 96% of monthly savers, putting aside £129 more each month than those who admit to lacking financial confidence.

This same pattern is clear when looking at UK investment habits, with the financially confident investing, on average, an additional £1,300 a year.

MoneyAge recently looked at the results of a Standard Life survey into pension savings and found that more than three-quarters (77%) of UK adults do not feel confident about accessing their pension savings.

Better education from the outset and more information about investment and retirement options could help. And that’s why we at Globe IFA are on hand to help you.

Financial confidence is even more of an issue for women

IFA Magazine recently reported that more than two-thirds of women (69%) don’t feel confident about investing. When asked why, a quarter (27%) said they didn’t know enough about it.

Across the UK, 3.3 million fewer women hold investments compared to men. Nearly two-thirds (60%) of women surveyed worried they would lose out on money if they invested.

The report found that:

  • 31% of women feel confident about investing (compared to 44% of men)
  • 63% of women say they don’t know how to start investing (compared to 46% of men).

Investment offers the chance for long-term returns in a risk-managed environment, so increasing investor confidence (particularly among women) could make a huge financial difference.

Financial advice can provide a sense of control, peace of mind, and improved confidence

At Globe IFA, the financial advice we provide is individual to you and based on your unique circumstances. From your long-term goals to your attitudes to money and your risk profile, we can put in place a plan that works for you.

This means financially, but non-financially too. FTAdviser reported last year that 66% of advisers saw their main role during the cost of living crisis as providing reassurance and peace of mind. And this remains the case.

Talking through your financial dreams and aspirations with a trusted professional can help you reconnect with your finances, putting you back in control.

Through frank discussions and jargon-free recommendations, you’ll have all the information you need to make informed decisions, giving you improved confidence in the choices you make.

Get in touch

Please email or call us on 020 8891 0711 to discuss how Globe IFA’s expert financial advisors can help you manage your long-term financial plans.

Please note

This article is for general information only and does not constitute advice. The information is aimed at retail clients only.

The value of your investments (and any income from them) can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.

Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.