New research by Bitpanda UK tells us that 1 in 5 Brits intend on investing more this year, and they want to invest even more than they did last year. But there’s a problem. 25% of them feel completely overwhelmed when managing their money. This anxiety and tension poses the question: what exactly is holding Brits back?
Well, the findings show that people do want to grow out their savings, but they do not quite feel equipped to actually do it.
2000 adults were surveyed via OnePoll, and it was revealed that 60% of them find crypto confusing. 9% want to invest in it, even though only 18% of the 2000 actually understand it. So there’s clearly appetite, but no knowledge for it.
Kevan Edgerton, UK Country Director at Bitpanda UK, put it plainly. “There is an urgent need for clearer, more accessible financial guidance, especially as digital finance becomes increasingly essential.” His comments land at a time when digital assets attract attention but often leave people baffled.
The same study shows that 56% wish they were more financially savvy, which is important to note because it means there’s interest, but also insecurity of sorts. When a quarter of adults say they feel out of their depth, hesitation is no surprise.
Why Does Cryptocurrency Cause So Much Confusion?
“People are always looking to diversify their finances,” Edgerton said. Interest in new asset classes has grown, but understanding has not kept pace. Cryptocurrency in general confuses 60% of those surveyed. Crypto wallets puzzle 57%, Altcoins 56%, Bitcoin 55% and Blockchain 53%.
Only 18% say they understand crypto. Among those who do not, 47% admit they have not taken the time to learn about it. That is a striking admission. Curiosity alone does not translate into knowledge.
When it comes to trust, 46% say they do not trust digital currencies. Another 43% do not believe they are relevant to them. This mix of doubt and distance leaves many watching from the sidelines rather than investing.
Edgerton acknowledged the mixed messages people receive. “The current digital age is like a double-edged sword in a lot of ways – on one hand we have never had so much advice and explainers available to us through social media and experts, but on the other hand it isn’t all advice that should be trusted.” Access to information has grown, but confidence in that information has not.
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Is Financial Education The Missing Piece?
Education seems to be a core issue with 78% thinking financial education should have a bigger place in schools. A further 28% say they would feel more confident investing in future if they had received better financial education.
And this confusion does not stop at crypto, because investing generally already confuses 24% of respondents. Tax returns confuse 22% and pensions 20%. These are everyday financial topics you’d expect many to know, they aren’t niche products.
Many trace their uncertainty back to school. 35% say they were not taught enough about finances when they were younger. The same proportion say they do not earn enough to feel in control of their money. Low confidence and limited income form a tough combination.
Edgerton returned to the need for clarity. “But the advice given can be so confusing and hard to follow.” When guidance feels complex, people disengage.
How Are People Trying To Close The Knowledge Gap?
In the absence of formal education, many turn elsewhere. 38% say they try to educate themselves using third party sites. Another 29% go to friends for financial wisdom. A quarter have spoken to a financial adviser, 24% use the news and 14% look to social media.
Even so, 38% say they would invest more if they had more disposable income. Another 32% say trustworthy advice would make a difference. Money and knowledge sit side by side in shaping behaviour.
For those who do take the chance investing into crypto, Edgerton offered practical guidance. “For those starting to invest in crypto, taking time to understand how it works and being patient are key.” He added: “Starting small, using secure and registered platforms, diversifying investments and only investing what you can afford to lose can all help reduce risk.”
