5 Simple Ways to Boost Your Investing Confidence

Less than half of people think they’re confident investors, according to a new survey by Aviva.

Only 44% of people describe themselves as confident investors, rising to more than half (57%) of men, compared to 31% of women, the data showed.

Uncertainty around investing is echoed in people’s attitude to risk. Some 40% of respondents described themselves as being risk-averse with money.

That’s compared to just over a third (34%) saying that they are willing to take risks.

Almost two-thirds (61%) of people surveyed think some people are “born investors” rather than learning to invest as a skill.

Despite the confidence and risk gaps, many recognise the role that investing can play. Around 40% see investing as a good way to grow money over time and 30% view it as something to support long-term goals, including retirement or buying a home.

How to start investing

Investing is a dynamic tool that could help you to achieve your financial goals over time.

Although it can feel daunting to get started, the following simple steps could help you test it out and see whether it could benefit your finances:

1) Build a buffer
Before getting started with investing, it’s helpful to build an emergency fund of 3-6 months’ worth of expenses to cover unexpected costs. Using a top-paying savings account or Cash ISA can help you maximise your savings with inflation-beating interest rates.

2) Choose a provider
You’ll need to use an investment platform to get started. Shopping around is key to finding a suitable provider. Check out our best Stocks and Shares ISA guide for our pick of the best platforms.

3) Apply online
Most providers let you set up an account in minutes. You’ll just need your personal details, National Insurance Number and a debit card to make the first deposit.

4) Start investing
You can add up to £20,000 into an ISA each tax year. Setting up a direct debit can help you maximise your allowance.

5) Monitor the results
Keep an eye on how your portfolio performs to make sure it’s on track to achieve your financial goals.

For more tips, listen to our Investing Insiders Podcast Episode: Investing Made Simple: How To Turn Your Financial Goals Into a Reality.