Czechs and investments: what motivates us and whose advice do we take when appreciating our assets?

People believe that investing is not easy, admit that they do not understand it very well, and agree that investments are often offered by untrustworthy companies. So they take advice on investing, but disagree on the best source of information. When it comes to investing in precious metals, more than half of the people have chosen to do it themselves.

Investing, i.e. deciding where to put money for the purpose of appreciation, is not easy for 33% of Czechs. Only 11% of respondents, among whom the 18-25 age group was the most represented, consider investing easy.

The views on investing are held by men and women in approximately equal proportions. In terms of education, more than a quarter (26%) of people without a high school diploma find investing difficult. Among those with a university education, this view was held by around one tenth of respondents (11%).

Most people get information about investing on the internet, from their banker or financial adviser, or from friends and acquaintances. People are least likely to get advice or information from television and radio.

Where do you get or would you get information about how best to invest your money?

Respondents were also the most likely (39%) to answer 'definitely yes' to the question about whether they believe that investments are often offered by untrustworthy companies. And it was trustworthiness as a characteristic of the institution they invest with that was most important to respondents. Among all respondents, it was the most frequently selected option (21%) for the question on what is key to them when choosing an investment. This was followed by the expected return on investment (19%) and the level of risk taken (17%).

Investing in precious metals

The survey showed that a third of those who do not yet use gold as an investment vehicle would be willing to invest if someone advised them. However, the most common reason for not investing in gold is lack of money. This obstacle can be overcome, for example, with so-called gold savings products, whereby a target amount of metal can be saved up to make this alternative investment.

More than half of the respondents are clear about investing in precious metals. In 56% of cases, people made the decision on their own without the need for consultation or advice. They were more likely to be male and college educated. A fifth of respondents took the advice of a financial adviser or banker, with people aged between 45 and 59 the most common.

Who convinced you or contributed most to your decision to start investing in precious metals?

The data in this article are based on an opinion poll for the Czech Mint conducted in May 2023 by STEM/MARK on a representative sample of 1,746 adults in the Czech Republic.