Only 39% Satisfied with Investment Returns: ‘Lazy Money’ is a problem for Britons, according to new study from Wise, the international money account.
A nationwide poll of 2,000 people in the UK found that only 39% are pleased with the return on their money. This shouldn’t be a surprise since so much money is being left alone: It’s true for 30% of us—most of our savings are in current accounts that earn almost nothing.
Only 39% Satisfied with Investment Returns, Wise and Kia Commodore Team Up to Energize ‘Lazy Money
The main problem is that we work hard for our money but let it make low returns while we do other things. This is especially important now, when there is a cost of living problem and high inflation, as 37% of people say it’s harder to save and 26% say they can feel the effect of inflation on their money.
So why does everyone with a lot of money have such an easy time? Many of us find the world of finance, with its language, caveats, and terms and conditions, hard to understand and get around in.
31% of us think that the language used in financial papers and disclosures could be made easier to understand. Fifty-one percent (51%) are scared of spending, and 43 percent think it could be made simpler and easier to understand. Only 16% of people trust their bank to give them a fair rate, while 29% think banks could do more to make their savings rates more clear.
But there is one more issue. The stress of work, family issues, and walking the dog has made us too tired to figure out the complicated world of money. 36% of us decide what to do with our money when we’re not tired. Only 21% of 16–24-year-olds are not tired when making money decisions, which is a lot of young people.
Wise has teamed up with Kia Commodore, a personal finance expert, to put an end to Lazy Money for good. Kia has both a guide to saving money and a special edition line of Wise sleepwear. This way, Brits can relax while their savings grow and their money works.
The renowned sustainable designer Leticia Credidio created the collection, which includes nightgowns, kimonos, and pajamas. Followers with sharp eyes can win a set on Wise’s social media pages, and a few can also be bought.
Kia said: “It’s wrong that we work so hard yet our money is allowed to be so lazy. Think about how you want to save, and perhaps invest, your money. Saving is easiest when it becomes a habit. Put money away consistently but at a frequency that works for you.
“You can even find an ‘accountability partner’, someone who saves with you and helps keep you on track and accountable. However you save, it’s also vital to think about how your money is being held.
“Let’s put our money to work – and allow ourselves to relax.”
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Wise makes it easy for investors to put their money to work by giving them two business choices:
Wise Stocks, which puts its money into a fund that follows the stock market,
And Wise Interest, which puts money into a fund that holds government-backed assets and closely follows the interest rate set by the Central Bank. It pays a variable rate of 4.95 percent on GBP amounts right now.
The investment tools in Wise are especially helpful for people who deal with more than one currency. Wise gives you instant access to your money and lets you withdraw and change it into 40 different currencies, all without any hidden fees.
Wise’s Product Lead, Shafie Ali, said, “We believe that your money is yours, not ours.” That’s why we want to make it easy for you to save and spend. Wise Assets is a great choice for people who want to spend. We only charge a small, clear fee to buy with us, and we make it as easy and quick as possible to do so. When Central Bank rates are high, interest is a great way to get a steady return, while stocks are a better reflection of how the foreign markets are doing.
“What’s clear is that you should be relaxing, not your money. It’s time to end Lazy Money.”
