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A third of Brits would invest more if it was easier to transfer money

Monday 9th February 2015

A third of people in the UK, equivalent to almost 15 million adults, would save more if the process of opening savings / investment products and transferring money was made easier, according to the latest findings released by a grouping of companies from across the UK financial services industry.  
The industry group, acting as The Savings and Investment Policy project (TSIP), also highlights that 8-in-10 people (84%) claim to feel ‘confident’ or ‘very confident’ in their ability to manage their finances. 
However, 36% of Brits say that they would find it easier to manage their personal finances if all of their details were held on one online site. This came second to a desire by 39% of people for financial services products to be easier to understand.  
What’s more, nine in ten people surveyed said that they feel comfortable using technology to access their finances, but as a warning to financial institutions to not exclude potential savers and investors, those aged 55 years and over were least willing to embrace technology to manage their finances. 
Tony Stenning, Chairman of TISA’s Savings and Investment Policy project and Head of UK Retail at BlackRock said: “Our research reveals that an additional 15 million adults would save more if the process of opening savings / investment products and transferring money was made easier.  At a time when we are in the midst of a savings crisis, it is essential that we grasp this now and consider all ways that we can create a culture where it is as easy to save for both young and old generations.  We are living in an increasingly digital world and a financial services digital passport is one idea that warrants serious consideration.”
Carol Knight, Operations Director, TISA added: “Whilst technology has played a crucial part in improving access to financial products, we need to ensure that the infrastructure is fit for the ever-increasing digital demands of savers and investors.  Financial institutions must continue to drive innovation and the regulator has a role in ensuring that this innovation is in consumers’ best interest.

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