Top financial goals for 2024 - including getting started on investment journey
Some of the top financial goals for money-savvy Brits in 2024 include building up a rainy-day fund (31%) – and getting started on their investing journey (12%), according to research.
A nationwide poll of 2,000 adults found that as many as one in five (19%) don't feel confident when it comes to knowing how to invest – with the number of people who did so last year falling by 6%, compared to 2022.
During the last 12 months, just 26% opted to invest their money rather than putting it into a regular savings account or a cash ISA – with 36% claiming they couldn't afford to invest.
Over a quarter (26%) chose not to invest, as they feared losing their money – with 22% prioritising savings due to the high interest rates they could get.
However, of those who did choose to invest their money in 2023, exactly half did so to build wealth for the future – while 29% see it as a way to help them quickly achieve their long-term financial goals.
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It also emerged that four in 10 claimed to feel more confident investing last year than ever before – although 36% of those only began investing for the first time last year.
Meanwhile, more than a fifth prioritised their savings in 2023, due to the high interest rates they could get (Rosemary Calvert/Getty Images)The research was commissioned by saving and investing app, Moneybox, whose head of personal finance, Brian Byrnes, said: “The research shows many people chose to prioritise savings over investments in the last year, perhaps understandably, enticed by the highest cash interest rates in over a decade.
“Undoubtedly for some, this may have been a sensible, considered decision – but many may be surprised to learn that only investing, rather than cash savings, would have kept pace with inflation throughout 2023.
“If you already have a rainy day fund set aside, and you're looking to the long term, investing is one of the best ways to grow your money over time.
“Saving and investing should both be viewed as essential components of a financial plan that will help you achieve your short- and longer-term financial goals.”
Of those who chose to invest over the last 12 months, 36% were investing toward a more comfortable retirement, while 27% want to grow their money to help provide for their family in the future.
The research, which was conducted via OnePoll, also looked at the impact the cost-of-living crisis has had – with 34% saying it has made them think about how they can become more financially resilient. And in the coming year, 12% are set on establishing clear financial goals, and putting plans in place to achieve them.
Brian Byrnes, from Moneybox, added: “For far too long, investing was seen to be inaccessible and confusing, and many people struggled to know how to even get started.
“Thankfully this is changing, and it's great to see that people are becoming more confident investors over time. Because the truth is, becoming financially resilient is about so much more than building a rainy day fund, although that is a very important part of it.
“Financial resilience requires a longer-term approach toward how we manage our money, and plan our finances for the future.
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“Building wealth throughout life is how you become financially resilient – and historically, investing is proven to be the most reliable way to grow your money over time.”
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