Rich aim to gain from credit crunch with increased investment in shares
Apr 30 2008 by Our Correspondent, Western Mail
High earners plan to take advantage of the credit crunch by putting more money into the stock market, a survey has found.
Nearly one in four people earning more than £50,000 said the current volatile markets offered an investment opportunity, according to investment firm Skandia.
As a result 29% said they were revising their investment plans to make the most of the current situation. But middle earners are struggling as a result of the credit crunch.
As a result high earners are investing more than twice as much as those on lower salaries.
Middle earners are instead relying on their homes for long-term security, with 12% saying their property was the only investment they would ever need, compared with just 3% of those earning more than £50,000.
Michelle Cracknell, strategy director at Skandia, said: “With house prices falling it shows how risky it is to put all your money into property.
“Financial security is built by spreading your risk and the biggest winners are those who invest across a wide variety of sources.”
YouGov questioned 1,965 people during April.