Can you give us a quick summary of the research?

We conducted the research as we wanted to delve into how people really feel about their finances – which revealed that the majority of people are both stressed and overwhelmed when it comes to their personal finances and investing.

Shining a spotlight on these emotions, which can be heightened during the tax year end period, we’ve offered some guidance that includes a checklist of the top things to do, helping consumers feel on top of their finances ahead of the deadline.

Why is conducting this research and the findings of particular importance at this time?

There’s always so much noise and ‘use it or lose it’ rhetoric used ahead of the April 5^th tax year end deadline, and we realised that while this is a helpful reminder for some to get their finances on track, this isn’t necessarily the case for everyone – resulting in some feeling even more stressed.

Tax Year Zen is for those who find investing and tax year end particularly overwhelming, and to offer guidance that helps eliminate these stresses – ultimately helping them feel more confident when it comes to their own savings and investments.

Tell us about the most surprising facts/headline stats to come out of the research?

Seven in ten (70%) are hesitant to start or continue to invest due to the stress related to managing investments – which is staggering.

Over half are both stressed and overwhelmed when it comes to investing, and only around one quarter (28%) are aware that tax year end is a deadline to finalise tax-efficient savings – leaving the majority of consumers unaware.

What is the aim of the Tax Year Zen campaign?

The aim of the campaign is to help investors who are just starting out in their investment journey, or perhaps those who are not as confident. We point them towards our content and tools to help them not only get started but to continue their investing journey with confidence – removing the mountains of information and jargon that is typically seen when people want to start investing. 

Are there any actions/ next steps that could be taken by the financial services industry or government in response to the report’s findings?

At ii, we keep all our content jargon-free and try to make everything as simple as possible, helping to educate, empower, and inform. This is so important for our industry, which is typically very jargon-heavy and can be confusing for many investors – particularly for those who are newer and less confident.

If you have anything else you want to add, please include it!

Some further key findings include:

• When it comes to investing money for the future, we found a substantial gender gap in how this stress is felt, with just over four in ten (44%) of men feeling overwhelmed, compared to 60% of women.
• Around one in five (21%) stated that they simply didn’t know where to start with investing.
• Londoners say that thinking about their finances is more stressful than getting the tube (17% and 8% respectively).
• Around one in five (19%) of the sample said the sheer amount of information available is overwhelming, which is leading to avoidance and inaction.

Full press release: Turning Tax Year End into ‘Tax Year Zen’: interactive investor launches campaign after finding that stress is getting in the way of the UK’s saving and investing

For further information, please contact:
Camilla Esmund
Senior Manager - Public Relations
Tel: 07834 928514

Saffron Wainwright
Manager – Public Relations
Saffron.wainwright@ii.co.uk