Majority of people are put off investing by financial jargon, poll claims

Many are more familiar than they think

Steve Richmond
Tuesday 28 April 2020 16:49
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Not even Jeremy Corbyn and John McDonnell could have dreamed of such a massive extension of state control
Not even Jeremy Corbyn and John McDonnell could have dreamed of such a massive extension of state control

Seven in 10 people in Britain are put off investing money because of financial jargon, according to research.

However, a poll of 2,000 adults found many knew more than they give themselves credit for.

When quizzed on the meaning of key investment terms such as dividend, FTSE 100 and equity, respondents gave the correct answer more than 70 per cent of the time, on average.

The poll, by investment firm eToro found many are aware of more technical terms, with four in five correctly identifying Bitcoin as a form of digital currency.

Iqbal V Gandham, UK managing director of eToro, said: “Most people think investing is just something that the super-rich or people who wear pin-stripe suits do.

“But that couldn’t be further from the truth.

“Our research shows that while many people say they are initially put off by the complicated terms used in the investment industry, lots of us already know way more than we think we do.

“It’s like anything new, whether it’s VAT or VAR in football, people just need a little bit of time and confidence to understand the terms involved.”

The poll found others were put off investing because they felt it it too complicated or is only suited to those who work in financial services.

More than one-quarter said investing is just for bankers or the super-rich.

A further one in four believed they did not dress smartly enough to fit the profile of a typical investor.

However, one-third said they would be willing to invest if they had the help of an expert.

Mr Gandham said: “An investment doesn’t need to be a large amount of money - it could be the equivalent of a trip to the cinema, or a takeaway - and it’s important to remember it’s never too late to start.

“And the great thing is, there are so many amazing - and free - resources on the internet, it has never been easier to plug gaps in our knowledge.

“The days of investing being the preserve of the upper echelons are over."

SWNS

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