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Spend or save – weighing up investments

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A decade ago, in ‘Confessions of a Shopaholic’ actress Isla Fisher played a young woman obsessed with hitting the high street and returning home armed with bags of expensive treats.

When it comes to shopping, the image we usually conjure up is the stereotype of women doing the spending, whether they can comfortably afford it or not.

Well, here is a confession for you…

men are more likely to overspend on impulse purchases than women.

Our survey of 2,000 adults found women are considered more financially responsible than men and, what’s more, are better at keeping track of their spending.

While 15% of Brits have no idea what their bank balance is, the study showed that women are far more likely to know exactly how much is in their savings and current accounts.

Spending habits of men and women aside, the survey also highlighted a lack of ‘wealth generation’ in the UK. This means we are, as a nation, reluctant to invest or place our money outside of a high street bank or building society to build up a bigger pot to cover those impulse purchases.

Despite having considered putting their money to better use, more than a quarter of Brits feel they don’t have enough to start investing in stocks.

On top of that, 45% said they wouldn’t invest their money because they are put off by the risks associated with it. Just one in 10 said they would be willing to risk a substantial sum for the chance of a big pay out.

However, 44% said they would put a small amount on the line – and when investing in the stock market, investing little and often is just as good as going all in.

Markets are volatile at the best of times, but throw Brexit, Donald Trump, China and a potential global slowdown into the mix and it is no wonder some would prefer to sit on the fence.

Analysis of global stock markets confirms that, over the long term, the returns they produce are far superior to what is on offer on the high street and by drip-feeding small amounts in, investors can enter at different stages of the cycle.

This approach to investing, rather than chasing the markets up and down with large, lump sums in and out, should average out the highs and the lows of the stock market throughout a year.

According to the survey, 41% of UK adults regularly set budgets to stick to – why not include a regular investment amount in this budget and put your money to work?

How good are you with money? Would friends and family describe you as financially savvy, or are you more spend-happy? Take our quiz and find out where you sit when it comes to saving and investing.

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NYSE files a trademark application for trading NFTs

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The world’s largest stock exchange may be planning to bring business into the Metaverse.

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Traders say $4,000 Ethereum back on the cards ‘if’ this bullish chart pattern plays out

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Global tensions that could trigger a correction in markets abound, but traders say ETH’s current setup could result in a swift return to the $4,000 level.

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CryptoPunks community reacts to the ongoing copyright battle between V1 and V2

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Although the collection is no longer deemed authentic by Larva Labs, its creators alleged sold 210 ETH worth of CryptoPunks V1 when the wrapped versions first gained traction.

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Binance.US is under investigation from SEC over trading affiliates: Report

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Binance CEO Changpeng Zhao allegedly has connections to two market makers buying and selling crypto on Binance.US.

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Boost Insurance unveils product covering against crypto theft from qualified custodians

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Boost Insurance, an insurance infrastructure-as-a-service platform, alongside go-to-market partner, Breach Insurance, a company that provides insurance technology and regulated insurance products for the cryptocurrency market, today announced the launch of Crypto Shield, an insurance product for cryptocurrency available to retail wallet holders.

Crypto Shield covers the theft of cryptocurrency while in the custody of a qualified custodian.

The Crypto Shield product allows individuals to purchase protection for their crypto wallets held by select custodians. In the case that the custodian is breached or suffers a social engineering attack resulting in lost assets, individuals insured under Crypto Shield can be reimbursed for the value of their policy.

Boost + Breach

While there is some commercial insurance available to cryptocurrency institutions, Breach envisioned Crypto Shield as a solution to the protection gap that currently exists for individuals holding crypto, securing a partnership with Boost to assist in bringing the Crypto Shield product to life.

Boost’s insurance infrastructure-as-a-service packages the necessary operational, technological, compliance, and capital requirements for new insurance programs into a white-label solution, enabling insurtechs like Breach to swiftly launch new lines of business.

“Boost’s deep expertise and insurance infrastructure-as-a-service platform, and Relm’s industry-leading crypto reinsurance capabilities, have positioned Breach to bring a highly complex insurance product to the market in a beautifully delivered customer experience.”
– Eyhab Aejaz, Co-Founder & CEO at Breach

To deliver that product in a seamless experience, Boost and Breach’s platforms connect via API, allowing Boost’s policy administration system to deliver back-end management for the Crypto Shield product. Breach’s customers are then able to purchase and manage every part of their policy and claims process, all from within Breach’s proprietary crypto insurance platform.

“With Boost’s infrastructure-as-a-service platform, companies like Breach can launch and deliver innovative new insurance offerings, at a fraction of the time and cost required to build a full-stack insurance program from scratch.”
– Alex Maffeo, CEO & Founder of Boost

In addition to powering the new product, Boost and Breach partnered to source and secure the necessary reinsurance backing from industry expert Relm Insurance Ltd. (Relm), underwritten by Trisura Specialty Insurance Company. Operating out of Bermuda, Relm is a capacity provider to the crypto sector with a track record of insuring companies across the ecosystem. Relm has recently been awarded an ‘A Exceptional’ Financial Stability Rating (FSR) by Demotech.

“Relm’s partnership with Boost and Breach to reinsure the US’s first cryptocurrency insurance product for retail wallet holders is a milestone in supporting the development of crypto and blockchain technologies.”
– Joe Ziolkowski, CEO at Relm

The post Boost Insurance unveils product covering against crypto theft from qualified custodians appeared first on CryptoNinjas.

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