RESEARCH of 2,000 adults found 32 per cent put money into something other than a regular saving account or cash ISA during 2022, with two-thirds of these doing so for the very first time.

Three in 10 said the cost of living crisis has motivated them to make their money work harder, with 36 per cent seeking better returns than savings accounts.

While 41 per cent want to grow their money and wealth over time, although 32 per cent are looking to achieve their longer-term goals as quickly as possible.

In fact, those aged between 25 and 34 were the most likely to invest last year – as 41 per cent of this generation sought to grow their money this way.

And overall, the trend looks to continue in 2023, with 35 per cent of all those polled saying they feel more confident about investing this year than before.

However, 19 per cent still do not see investing as a viable option for them – as 34 per cent can't afford to spare the cash right now.

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Whereas three in 10 are anxious about losing their money, and 22 per cent are hesitant because they don't feel confident enough.

Brian Byrnes, head of personal finance at Moneybox, which commissioned the research, said: “We know that investing, for many, can still be daunting.

“But it is an increasingly essential part of any financial plan to help mitigate the impact of inflation over time and build wealth for the future to help achieve longer-term financial goals.

“Market volatility is not unexpected or even a bad thing for investors – in fact, investing in a downturn can give you more bang for your buck.”

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The research also explored the impact the cost of living has had on the nation’s approach to money management, with 34 per cent claiming it has prompted them to take better control of their finances.

While 41 per cent are now prioritising becoming more financially resilient thanks to the economic downturn.

And 26 per cent are now planning for the future more than they did before the crisis.

It also emerged 29 per cent feel they are better at managing their money now because of the lessons they’ve learnt from the rising cost of living.

More than a quarter (27 per cent) of those, polled via OnePoll, have made a budget for the first time, and one in four have negotiated better contracts with a current provider to save some money.

Brian Byrnes, from Moneybox, added: “The benefits of building positive financial behaviours early in life cannot be overstated.

“And it's positive to see the financial challenges endured in the last year have prompted so many to take more control of their finances and start planning for their future.”

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