Andrew Prosser, Head of Investments at InvestEngine, comments on the number of people that have stopped saving or investing due to the cost of living crisis.

New research finds millions of people in the UK could be heading for difficulties later in life, as poor understanding and low take-up of long-term investing risks their financial security. 

The analysis by online investment platform InvestEngine forms part of its new report, Building a nation of investors, and comes as half (56%) of UK adults have stopped saving or investing amidst the cost of living crisis. 

Andrew Prosser, Head of Investments at InvestEngine, said:

Change is badly needed, both in terms of our culture towards personal finances, and in the role that industry and government can play in facilitating that change. 

When it comes to growing your wealth through investing, the best route for many will be via ‘little and often’ investing through an ISA, utilising diversified and low-cost funds like ETFs. As the Autumn Statement approaches, we’re encouraged to see the UK government exploring ways to simplify the ISA landscape to make it easier for people to save and invest, but there needs to be further action to simplify the ISA system and boost financial literacy. 

This will be crucial if we’re to ensure more people can achieve greater financial security later in life.

Full release and report: ISA reforms vital to boost retail investing and financial security, as UK trails behind in knowledge and take-up

✉️ Robyn Margetts, Seven Consultancy, investengine@seven-consultancy.com