Younger people are thinking more long-term when dating than investing, according to new research from the Financial Conduct Authority (FCA).
The City watchdog’s survey found less than a third of investors had any specific long-term goal in mind when investing, with just 31 per cent of people investing to earn more money than they would in a savings account.
In contrast, 48 per cent will invest the time into dating to find a life partner.
The poll also found that only two per cent of younger investors said they have a timeframe of more than five years in mind when investing and 14 per cent have no timeframe in mind at all.
They are also 18 per cent more likely to be influenced by social media when making investment decisions, than in their dating choices.
The FCA surveyed 1,000 18 to 40-year-olds in the UK, who also use online dating platforms to understand their influences, motivators, risk appetite and research approach in both parts of their life.
The research comes as it launches the latest segment of its InvestSmart campaign, which encourages people to make better informed investment decisions.
“It can be an emotional rollercoaster, you’re trying to spot the red flags and hope the expectation lives up to the reality – and that’s just when investing,” said Lucy Castledine, director of consumer investments at the FCA.
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“Our research shows young investors are putting more thought into their dating than their investing lives. Over the past year, we have seen the temptation of high-risk investments increase as consumers balance stretched household finances against the immediate thrill of a quick return. But this may mean investors are ignoring the red flags.
“We want to help investors re-think their approach by spotting the similarities to their own dating lives and applying the same mindset, thinking of the long-term, doing their research and prioritising values that match theirs. We hope this will encourage a more mindful, confident approach to investing in the future.”
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The findings come a week before the FCA hosts the ‘Swipe Left, Invest Right: How The Principles of Dating Can Be Applied to Investing’, event alongside Celebs Go Dating’s Anna Williamson and a panel of money and dating experts. The event will bring young investors together and encourage them to adopt the same principles when investing as they do when dating.
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