Many plan to start investing in 2022 to improve 'financial health'

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Many plan to start investing in 2022 to improve 'financial health'

Most UK adults are determined to improve their financial health in 2022, according to new research from Abrdn, with 45 per cent planning to invest their money to improve their finances.

Some 55 per cent of UK adults agreed with this statement, with 47 per cent saying they would save more during the year.

The survey of 2,000 people in the UK was conducted by Onepoll on behalf of Abrdn between November 2 and 5 last year.

Three in five (60 per cent) of those questioned said taking care of their financial health this year could help them support others, with 69 per cent saying they think it would benefit their overall health, happiness and wellness. 

Jonny Black, strategic director at Abrdn, said based on this research, around 19m UK adults would be looking to invest their money this year, creating a “whole world” of opportunities.

“Being aware of this, alongside the shorter-term benefits of cutting back or saving more, will help position them for a bright future as they seek to take control of their finances and make their money work harder," he said.

The research also highlighted that just over a third of people (34 per cent) would be willing to invest if they knew it was having a positive impact on society, while 32 per cent would invest in something they cared about even if the returns were lower.

Black said this was a positive sign.

“However, often perceived barriers – like needing to have a lot of money or it being too high risk – are still preventing people from investing in a brighter future,” he said.

“As an industry, we have a duty to change this by providing people with the knowledge and options that are available to them to improve their financial health.”

For many, that means creating outcomes that are more than just financial, he added. 

“Because, done properly, investment creates opportunity – the opportunity to change things for the better.”