A quarter of Britons feel completely out of their depth when managing money, with new study showing confusion over cryptocurrency, investing and tax returns
One in five Brits are planning to put more money into investments this year compared to last, but a quarter confess they feel entirely lost when it comes to managing their finances. The survey of 2,000 adults showed that the sheer volume of unverified information out there leads to widespread confusion about cryptocurrency, crypto wallets, blockchain, investing, and tax returns.
Many are anxious about making investment mistakes, and a third attribute this to a lack of financial education. In fact, 28% said they would feel more confident investing if they had better financial education, with 78% saying it should be a bigger focus in schools.
Kevan Edgerton, UK Country Director at Bitpanda UK which commissioned the research alongside touring an ad-van through London to share that crypto investing doesn’t have to be complicated, said: “There is an urgent need for clearer, more accessible financial guidance, especially as digital finance becomes increasingly essential.”
The research discovered that over half (56%) wish they were more financially savvy, with 32% stating they would invest more if straightforward and reliable advice were available.
Consequently, people are taking matters into their own hands regarding financial literacy, with 38% attempting to educate themselves through third-party websites, whilst 29% have sought financial guidance from friends. Meanwhile, 25% have consulted a financial adviser or turned to news sources (24%) and social media platforms (14%).
Although nearly one in 10 adults (9%) say they intend to invest in cryptocurrency this year, just 18% claim to understand it, with 47% of these admitting they haven’t taken the time to learn about it.
Additional obstacles included a lack of trust in digital currencies (46%) and a belief that they aren’t relevant to them (43%), according to OnePoll research.
Kevan Edgerton, UK country director, for Bitpanda UK, added: “For those starting to invest in crypto, taking time to understand how it works and being patient are key.
“The current digital age is like a double-edged sword in a lot of ways – on one hand we have never had so much advice and explainers available to us through social media and experts, but on the other hand it isn’t all advice that should be trusted.
“Starting small, using secure and registered platforms, diversifying investments and only investing what you can afford to lose can all help reduce risk.”
