First comparison site for ISAs and pensions with a built-in fee calculator launches amidst worsening investor confidence
As markets crashed in March, and consumer sentiment worsened, already uncertain investors have looked to fees as one number they can control. New research from Boring Money confirms that:
Costs are currently the main priority for those choosing an account58% of investors report that low annual cost is a priority when choosing an investment product (the top response)
Investors report very low confidence about own abilities47% of existing investors would only give themselves a confidence rating of 5 or less out of 10 when it comes to opening an investment account
General confidence levels in the outlook are fallingIn March 51% of investors believed the economy would get worse. As of April, this pessimistic sentiment has risen to 66%.
It’s not just DIY investors who are feeling in the darkOne quarter of advised investors say they haven’t heard from their financial adviser regarding their investments and the impact of the COVID-19 outbreak
Boring Money CEO Holly Mackay comments:
Despite the importance of charges to the decision-making process, it remains very difficult for end investors to compare charges across the market. Only 3 in 10 investors are confident that they know what fees they are paying – this is not good enough.
However, it is not just costs which are important. For cash savers who would consider investing – but are yet to take the plunge - costs (53%) are second to good reviews and feedback (55%).
There’s still a cloak of confusion surrounding ISAs and pensions compared to other financial products and our revised Best Buys tables. People tell us they want to understand charges and then to look at other investors’ ratings and reviews – we have built our comparison pages to deliver this.
Notes to editors:
- Boring Money is an independent research and content business which provides information, tips and Best Buys to consumers. The business conducts regular research with industry providers and consumers and looks at the developing DIY investment market from both the customer and provider perspective. Boring Money holds test accounts with 30 providers and also holds regular focus groups and interviews with consumers to ensure regular input and feedback from the user perspective.
- Founder Holly Mackay has worked in the investment industry for 20 years and is supported by a team of 12 researchers, analysts and marketing execs. Boring Money is not regulated to give personal financial advice, nor is it regulated by the industry watchdog.
- Other than the exception in note 4, all statistics in this press release come from Boring Money’s Online Investing Report 2020.
Online Investing Report nationally representative survey - January 2020
Results from a nationally representative online survey of 6,520 UK adults, which was carried out between 23 January and 27 January 2020.
- ‘26% of advised investors say they haven’t heard from their financial adviser…’ research drawn from Advice Report 2020 – April 2020. Results from a survey of 316 Boring Money blog readers who are investors and invest via a platform.
The confidence statistics were asked in 2 waves to Boring Money blog readers – encompassing March 13th to March 16th and April 17th to Aril 20th with respondents of 606 and 311 respectively
- Visit the tool at :
- See the full version of Investment Fee Calculator: