Half (50%) of Moneywise users have turned away from cash and taken to investing instead, the results of our latest poll reveal.
This is broken down into 26% who have always had a mixture of cash and investments but have reduced or gotten rid of their cash savings, 11% who’ve moved all their cash savings into investments, and 13% who have kept their cash savings but begun investing too.
Cash savings rates have been poor over the last few years, largely due to the Bank of England’s base rate, which they’re indirectly linked to, hitting historic lows – it currently stands at just 0.25%. For the top deals, see Moneywise’s best savings rates this week.
While investing is riskier as your money isn’t protected by the Financial Service Compensation Scheme (FSCS), over the long-term you’re likely due to make much higher returns. For ideas on how to get started, see our First 50 Funds for beginner investors.
However, four in 10 (42%) who answered our poll said they’ve always had a mixture of cash and investments and they’ll continue with this strategy.
See the full poll results in the pie chart below.