Britons are at risk of falling victim to investment scams because they are not spending enough time researching their decisions, two of the UK’s financial watchdogs have warned.
The Financial Services Compensation Scheme (FSCS) and the Financial Conduct Authority (FCA) said many were not spending time researching properly because they believed investments were “time consuming” and “complicated.”
In a survey carried out for the FSCA and the FCA, 42 per cent of Britons age 18 to 24, who have money in investments, said their latest investment was made while either sitting in bed, watching TV/Netflix, at the pub, or coming back from a night out.
Of the 37 per cent of UK adults who hold investments, 44 per cent said they wished they had spent more time researching their investment before making a decision, but don’t do so because it’s “time-consuming” or “too complicated”.
When asked which tasks consumers spent the most time on, choosing a holiday came first, followed by doing laundry, buying a car and checking social media.
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Two in five of those who have made financial investments said they wished they’d spent longer doing so.
The FSCS said this raised concerns around the potential risks consumers can face, including investment scams, if they don’t know where they’re investing their money.
The findings also revealed that from those adults that held investments, more than a quarter said they were more likely to invest in an “investment…
