New research shows that more than 40% of people living in London are not investing for the future, due to a lack of knowledge and inexperience. There is a lot out there for people to look into, however, they may not be aware that websites such as https://investorjunkie.com/stock-brokers/best-online-brokerage/, plus others, can be looked at for additional help when needed.

Making money work harder is crucial, both for building personal wealth and for securing the financial futures of family members. However, despite the obvious benefits, a recent survey of over 1,100 people in employment, conducted by precious metals savings app, Minted, reveals that more than half of UK residents (54%) have no investments at all. This is mostly due to a fear of the unknown. The research showed that 43% of people in London, had no investments at all.

The survey revealed a number of hesitancies around investing and saving money, based largely on understanding the options available, including precious metals like gold (see how much is a gold bar worth), buy-to-let property, cryptocurrency stocks, and shares. For 37% of people, the main concern around the property was the upfront costs involved.

For cryptocurrency and stocks and shares, more than a third of people admitted that they did not have the knowledge of whether it was a worthwhile investment in the long run (36%). Because they’ve been hesitant, they may have not looked into their options for each sector, like checking out companies such as noblegold for precious metals or looking into Bitcoin platforms to see how cryptocurrency can factor in. Three in ten people were not confident that their current savings and investment would deliver any return.
According to the research, a lack of knowledge and worries about cost are holding people back.

Hamzah Almasyabi, co-founder of Minted, explains:
“The fact that over half of people have no savings or investments is worrying and it’s clear that for a large number of people, it’s still very much unchartered territory. There are so many options available that finding the best route that fits the bill in terms of accessibility, risk and reward, can be tricky – especially for a first-timer.”
However, the Covid-19 pandemic has had a positive effect on general attitudes towards savings and investment, in part due to factors such job uncertainty and in some cases, more being available due to lockdown restrictions. The survey results show that the pandemic has prompted over half of people in London (53%) to start saving money, and a further 42% to show more interest in investing in future.

Hamzah Almasyabi continues:
“The pandemic has shown that our financial security is not a given and introducing another source of income, or saving, is vital. While there are a variety of options to consider, in a climate of stock market volatility and low-interest rates, more unusual options, such as gold bullion could be the safest bet, particularly for first-time investors. Buying gold is simple, with no banks involved. A rise in fintech companies such as Minted, allows users to buy and sell precious metals using a smartphone, from the comfort of their home, and have it sent directly to them. With the average annual growth rate at nine percent, buying gold and precious metals is not just extremely accessible, it’s also an easy way to save for the future.
According to the research there is still more to be done to encourage a wider spectrum of people to invest and save. In particular, 60% of women have no investments, in comparison to 47% of men in the UK. This gap is clear across the country between age groups too, with 65% of over 55-year-olds having no investments, compared to more than two thirds of 16–24-year-olds (71%), that do.
This demonstrates that while it is clear there is increasing interest around investing for the younger generation, there is still some way to go to instill confidence around for both females and older generations.