WITH investing still being a scary prospect to many, the team behind no-nonsense investing app Dodl by AJ Bell have created an interactive widget that allows users to test their investment knowledge.
The aim of the myth-busting ‘Investing Truth or Scare’ quiz is to prove that investing needn’t be scary, and many of the misconceptions around investing are actually not true.
Previous research by the Dodl team carried out in April 2022 showed that 37% of those who don’t have an investment account that they manage themselves are unsure on where to start.
A further 18% believed it to be too complicated and 14% said they didn’t know what to invest in.
The ‘two truths, one lie’ style widget shows users three statements about investing and they have to correctly identify which one is the myth.
Users will have to answer five randomly generated questions and, once they have selected which they think is the myth, the correct answer will be revealed along with information about why the myth is not actually true, in the hope of educating users on investing.
Once complete, users will be shown their score and also have the option to take the quiz again with five new questions.
Topics include how much money you need to start investing, how much time you need to spend on it and the best strategies for investing. In addition to investing, the online quiz also covers truths and myths related to ISAs and pensions, such as the belief that pensions are only important for older adults and how investing will affect the amount of tax investors would have to pay.
Investing Truth or Scare can be found via: https://www.dodl.co.uk/investing-truth-or-scare
Emma Keywood, senior product manager at Dodl by AJ Bell, commented: “Here at Dodl, we really want to convince people that investing isn’t as scary as they might think. While it does involve some risk and some research, investing can be a fantastic way to build long-term financial stability and work towards various life goals such as buying a house or raising a family.
“The Investing Truth or Scare widget offers people a chance to get their heads around what investing truly is and break down those myths that make them apprehensive to get started on their investing journey in the first place. There are many great ways to invest your money and a lot of resources out there to find out which route is the best for you.”