Retail investing confidence is increasing in the UK, with a 94% rise in stocks and shares ISAs over the last decade, reaching nearly £430bn. However, research reveals that investors are losing millions annually to account fees, averaging £67, totaling over £522 million lost in 2022/23. A typical user could pay £6,513 in fees over 25 years with average providers versus just £670 with Lightyear. This highlights the negative long-term impacts of high fees on potential investment growth, resulting in portfolios being significantly lower over time.
Even when the £222bn is adjusted for inflation, this shows an above-inflation increase of just under a third (28%), suggesting that Brits are putting more into the stock market to make their money work harder.
The research finds that investors will pay almost 10 times more over 25 years in account, transaction, and currency fees based on the average market Stocks and Shares ISA provider, when compared to Lightyear.
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