Latest news with #RichardWilson
Daily Mail
3 days ago
- Business
- Daily Mail
New data reveals millions of Brits are holding money in cash savings
Britain has a problem. Millions of people are holding money in cash savings, and as a result are losing out on the potential long-term returns from investing. More than half of adults, 58 per cent, and equivalent to some 31.4million people are unwilling to face short-term losses on investments because they have low 'emotional' capacity for risk, new data from Interactive Investor reveals. Of course, watching your hard-earned cash fall in value when invested is tough to take, and for many this money is needed in case of emergencies, or simply to pay for day-to-day expenses. However, a third of those who said they didn't have the emotional capacity to take investment risk, as many as nine million people, do have the financial resilience to do so. Interactive Investor said this leads to these people 'under-investing', with 71 per cent of the 3,000 people surveyed owning no investments outside of their pension. Richard Wilson, chief executive of Interactive Investor , said: 'Our research has unearthed a safety-first instinct among savers that presents a serious challenge for the UK. 'Millions of people have the financial capacity to invest, but don't believe it's worth the risk - over a lifetime that's likely to have a serious impact on their financial resilience. 'The dangers of not taking any risk are fast climbing up the political and regulatory agenda, and analysis shows that Britain has the lowest levels of equity ownership outside of pensions of any G7 country, with a disproportionate amount in cash and property.' In fact, as few as 12 per cent of people have a high emotional capacity for risk. A slightly higher proportion, 19 per cent, had a high risk tolerance. That phrase refers to how willing people are to accept the possibility of losses in favour of higher returns in the long term. Still, around 57 per cent of people still scored low for risk tolerance, meaning that they aren't willing to take risks for rewards in the long term, even when financially stable. Greg Davies, head of behavioural finance at Oxford Risk, said: 'Most people invest too little and take less risk than they could safely afford. This isn't about logic - it's about emotion. Emotional discomfort with short-term market ups and downs leads even financially resilient investors to underinvest. 'For those with high financial capacity, the emotional gap is often greatest: they could afford to aim higher, but their feelings hold them back.' Data from the Bank of England reveals that in May an eye-watering £280billion worth of cash was sitting in UK bank accounts earning no interest. The Chancellor, Rachel Reeves, has launched a campaign to promote retail investing among ordinary people, promoting investing over holding large sums of money in cash. Meanwhile, 'targeted support' reforms will come into play next year, offering tailored recommendations based on what people in similar financial circumstances are doing with their money. Along with this came fears that the Chancellor would scrap the cash Isa in a bid to push more towards investing. On the news that this wouldn't be the case - for now at least - savers breathed an audible sigh of relief. At the same time though, many resigned themselves to continuing to miss out on much higher returns. Interestingly, just three per cent said they would have a higher tolerance for investing if cash Isa tax benefits were slashed. Meanwhile, 41 per cent said they would invest if they had more money, while 16 per cent said they would do so if they understood investments better. While it Is recommended that savers only invest cash that they can afford to lose, as well as making sure that they build up an emergency pot and cash savings before doing so, many are sitting on cash pots earning no interest.
Daily Mail
4 days ago
- Business
- Daily Mail
Nine million Britons can afford to invest but lack 'emotional capacity' for risk
Britain has a problem. Millions of people are holding money in cash savings, and as a result are losing out on the potential long-term returns from investing. More than half of adults, 58 per cent, and equivalent to some 31.4million people are unwilling to face short-term losses on investments because they have low 'emotional' capacity for risk, new data from Interactive Investor reveals. Of course, watching your hard-earned cash fall in value when invested is tough to take, and for many this money is needed in case of emergencies, or simply to pay for day-to-day expenses. However, a third of those who said they didn't have the emotional capacity to take investment risk, as many as nine million people, do have the financial resilience to do so. Interactive Investor said this leads to these people 'under-investing', with 71 per cent of the 3,000 people surveyed owning no investments outside of their pension. Data from the Bank of England reveals that in May an eye-watering £280billion worth of cash was sitting in UK bank accounts earning no interest Richard Wilson, chief executive of Interactive Investor, said: 'Our research has unearthed a safety-first instinct among savers that presents a serious challenge for the UK. 'Millions of people have the financial capacity to invest, but don't believe it's worth the risk - over a lifetime that's likely to have a serious impact on their financial resilience. 'The dangers of not taking any risk are fast climbing up the political and regulatory agenda, and analysis shows that Britain has the lowest levels of equity ownership outside of pensions of any G7 country, with a disproportionate amount in cash and property.' In fact, as few as 12 per cent of people have a high emotional capacity for risk. A slightly higher proportion, 19 per cent, had a high risk tolerance. That phrase refers to how willing people are to accept the possibility of losses in favour of higher returns in the long term. Still, around 57 per cent of people still scored low for risk tolerance, meaning that they aren't willing to take risks for rewards in the long term, even when financially stable. Greg Davies, head of behavioural finance at Oxford Risk, said: 'Most people invest too little and take less risk than they could safely afford. This isn't about logic - it's about emotion. Emotional discomfort with short-term market ups and downs leads even financially resilient investors to underinvest. 'For those with high financial capacity, the emotional gap is often greatest: they could afford to aim higher, but their feelings hold them back.' Data from the Bank of England reveals that in May an eye-watering £280billion worth of cash was sitting in UK bank accounts earning no interest. The Chancellor, Rachel Reeves, has launched a campaign to promote retail investing among ordinary people, promoting investing over holding large sums of money in cash. Meanwhile, 'targeted support' reforms will come into play next year, offering tailored recommendations based on what people in similar financial circumstances are doing with their money. Along with this came fears that the Chancellor would scrap the cash Isa in a bid to push more towards investing. On the news that this wouldn't be the case - for now at least - savers breathed an audible sigh of relief. At the same time though, many resigned themselves to continuing to miss out on much higher returns. Interestingly, just three per cent said they would have a higher tolerance for investing if cash Isa tax benefits were slashed. Meanwhile, 41 per cent said they would invest if they had more money, while 16 per cent said they would do so if they understood investments better. While it Is recommended that savers only invest cash that they can afford to lose, as well as making sure that they build up an emergency pot and cash savings before doing so, many are sitting on cash pots earning no interest. Even when held in high interest accounts like cash Isas, the value of cash savings is gradually eroded as inflation outpaces the rates paid out by banks. Craig Rickman, personal finance expert at Interactive Investor, added: 'While people should only take on as much risk as is right for them, short-term emotional barriers often mean we don't take the risk that's right for our long-term needs.
BBC News
09-07-2025
- Politics
- BBC News
Row over tip booking trial at Camberley and Chertsey
A plan to roll out a booking system at two of Surrey's tips should be scrapped, a councillor has County Council (SCC) will trial a scheme between 11 August and 10 November for residents who use the Camberley and Lyne (Chertsey) Community Recycling Centres (CRCs).Richard Wilson, who is the Liberal Democrat councillor for Bagshot, said the new system would "add even more hassle to the task of disposing of household waste".Natalie Bramhall, SCC Cabinet Member for Property, Waste and Infrastructure, said the booking system aims "to make the CRC service easier to use and more effective for Surrey residents". Councillor Wilson, who previously campaigned to stop a tip at Swift Lane in Bagshot from closing in March, said SCC had been "warned" that decision would lead to congestion at other sites."Its catchment area was 12,000 people, who now have to use Camberley or Chertsey tips," he said 1,250 people signed a petition he organised to save Swift Lane. Mr Wilson said the Conservative-run council did not have a "democratic mandate" after elections were cancelled in is calling on SCC to "listen to the people of Surrey Heath, who are clearly opposed" to the booking trial. Slots will be available to book two weeks in advance, with the system going live on 28 can make up to 10 appointments per month, with each slot lasting 15 11 August, people will be able to visit both CRCs as usual, and no other CRCs will be impacted by the Bramhall said: "To help further ease congestion we are now trialling a booking system to make the CRC service easier to use and more effective for Surrey residents. "We have listened and will continue to listen to residents and businesses to help shape the CRC service we provide to make it as easy to use and efficient as possible for Surrey residents."
Yahoo
08-07-2025
- Yahoo
People Are Rizzing on Tinder Using ChatGPT, Then Showing Up to Dates Completely Tongue-Tied
Online dating apps have become a leading way to meet romantic partners, turning dating from an in-person experience into an often tedious, touchscreen-focused exercise. And with the advent of generative AI, that bleak landscape of modern dating is continuing to evolve in dystopian — and perhaps predictable — ways. As the Washington Post reports, a 31-year-old named Richard Wilson was startled when his date "had none of the conversational pizzazz she had shown over text." Her messages had included "long, multi-paragraph messages" and acknowledgments of "each of his points." But in person she lacked those conversational chops, and when she mentioned that she used ChatGPT "all the time" for work, the pieces started to fall into place for Wilson. It's not just individual users writing romantic messages using AI; online dating companies are also stuffing the tech into their apps. Firms like Match Group, which owns industry stalwarts such as Hinge and Tinder, are releasing new features to summarize dating profiles, suggest ways to maximize the number of matches, and flag unwanted messages. Some apps go as far as to suggest "icebreaker" opening lines, drawing criticism and even scrutiny from regulators. We've also come across apps that use AI to harass women, or create videos of people kissing without their consent. Earlier this year, the Financial Times reported that a woman's recent date had used ChatGPT to write a psychological profile on her. Last year, Gizmodo reported on a Moscow-based man who programmed OpenAI's GPT large language models to talk to well over 5,000 women on his behalf — and eventually meet his future wife. Bumble founder Whitney Wolfe Herd made headlines after saying that she believes the future of dating will involve having your personal AI "dating concierge" talk to hundreds of other AIs to find a perfect match. Going even further, apps like Replika are allowing people to cut out human contact altogether, providing a platform for lonely people to create entirely AI-generated romantic partners. Needless to say, harnessing the power of AI without turning dating into a data-focused race to the most matches possible is anything but easy. It's a slippery slope that could lead to confusion and disappointment. "People will use AI to alter their photos in ways that aren't necessarily achievable for them, whereas when you use it for messages, you're using it in a way that is amplifying yourself and your ability to have conversations," Amanda Gesselman, a Kinsey Institute psychologist, who has done research with Match Group, told WaPo. AI is already shaping user behavior on dating apps. Match's head of trust and safety Yoel Roth told the newspaper that AI is successfully dissuading users from sending "something potentially offensive, abusive or weird" with prompts. But is any of this really the pinnacle of authenticity, or the best way to find a romantic partner online? For many, using ChatGPT to keep conversations going is unlikely to win over hearts in the real world, as Wilson's disappointing date showed. He decided to give the woman a second chance, but ultimately found that they simply "weren't a good pair." More on AI dating: Bumble Founder Says Future of Dating Is Your AI Will Date Other People's AIs and Hook You Up With the Best Matches
Toronto Sun
03-07-2025
- Entertainment
- Toronto Sun
AI is making everyone on dating apps sound charming. What could go wrong?
Published Jul 03, 2025 • 6 minute read The "Tinder" app logo is seen amongst other dating apps on a mobile phone screen on November 24, 2016 in London, England. Photo by Leon Neal / Getty Images Reviews and recommendations are unbiased and products are independently selected. Postmedia may earn an affiliate commission from purchases made through links on this page. Richard Wilson felt like he had struck gold: The 31-year-old met someone on a dating app who wanted to exchange more than the cursory 'what's up.' This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. 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Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account He would send long, multi-paragraph messages, and she would acknowledge each of his points, weaving in details he had mentioned before. Their winding discussions fanned the romantic spark, he said, but when they recently met in person, his date had none of the conversational pizzazz she had shown over text. Wilson's confusion turned to suspicion when his date mentioned she used ChatGPT 'all the time' at work. Rather than stumbling through those awkward early conversations, had she called in an AI ringer? Dating app companies such as Match Group – which owns Hinge, Tinder and a slew of other dating apps – say AI can help people who are too busy, shy or abrasive to win dates. But a growing number of singles like Wilson are finding that the influx of AI makes dating more complicated, raising questions about etiquette and ethics in a dating landscape that can already feel alienating. This advertisement has not loaded yet, but your article continues below. With AI helping everyone sound more charming – and editing out red-flag comments before they are uttered – it's harder to suss out whether a potential partner is appealing and safe, said Erika Ettin, a dating coach who has worked with thousands of clients. 'Normally, you can see in the chat what kind of language they're using. You can see if they jump to sexual stuff quickly and how they navigate conversations with strangers in the world,' Ettin said. 'When some bot is chatting for them, you can't collect those data points on that person anymore.' With nearly a third of U.S. adults saying they have used dating apps and the majority of relationships now beginning online, dating companies are keen to find how cutting-edge AI can bolster their business model. Hinge has added AI tools that read users' profiles and skim through their photos, suggesting changes and additions that theoretically boost their chances at a match. Tinder uses AI to read your messages, nudging you if it thinks you have sent or received something distasteful. And apps such as Rizz and Wing AI help users decide what to say to a potential date. Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. Amanda Gesselman, a psychologist at the Kinsey Institute, said her research with Match Group suggests that a significant chunk of singles use AI to 'enhance their dating lives.' Gesselman said the tech could help people who struggle to navigate the tricky process of swiping, matching, chatting and setting up dates. But she acknowledged the features come with ethical complications, and she struggled to articulate when using AI is acceptable and when it's deceitful. 'People will use AI to alter their photos in ways that aren't necessarily achievable for them, whereas when you use it for messages, you're using it in a way that is amplifying yourself and your ability to have conversations,' Gesselman said. Dating app design already encourages behaviours that make courtship feel impersonal, some users say. Certain eager singles swipe right on every profile, maximizing their chances of getting a match. Others ghost, cutting off communication after a bad date rather than officially breaking things off. And many try to manipulate dating app algorithms, saying 'no' to partners they are attracted to in an attempt to signal to the algorithm that they are choosy and desirable. This advertisement has not loaded yet, but your article continues below. Eve Tilley-Coulson, a lawyer in Los Angeles, runs a side business in which she logs in to Hinge users' accounts and swipes on their behalf, playing the algorithm to their advantage. For users already frustrated by dating apps, conversational AI features are unlikely to sit well, Tilley said. When Hinge's AI prompts her customers to write more detailed answers in their profiles, for example, some worry that the app is collecting extra data for nefarious purposes, she said. Match didn't comment about data collection. RECOMMENDED VIDEO In Tilley's view, AI features will, at worst, be weaponized against users to keep them swiping and paying. At best, they will nudge users toward more uniform answers and conversations, since generative AI tends to reference ideas and conversations it has seen before. This advertisement has not loaded yet, but your article continues below. Match Group spokeswoman Vidhya Murugesan said the company's algorithms are designed to funnel users toward in-person connections and get them off the apps. 'As we integrate AI into our products, we're prioritizing authenticity, transparency, and safety, ensuring these tools enhance the user experience and help foster more of these connections,' she said. If AI suggestions have a cooling effect on some dating app conversations, that's not always a bad thing, according to Yoel Roth, Match Group's head of trust and safety. Match uses AI to read users' messages and prompt them if they're about to send something potentially offensive, abusive or weird. Senders are asked, 'Are you sure?' and given an opportunity to rephrase their message. About 20 percent of people who get this prompt choose not to send the original chat, Roth said onstage at an AI conference in June. Recipients might also get a 'Does this bother you?' prompt if Match's AI perceives a message to be potentially harmful, Roth said. This advertisement has not loaded yet, but your article continues below. 'A lot of what we're thinking about as we're building apps that help people connect is: How can we use AI to improve that experience, both to make it safer and more authentic and but then also to maybe round out some of the rough edges that make it more challenging for people to meet each other and express themselves?' Roth said. Those 'rough edges' can hobble some daters who don't have a way with words, said Roman Khaves, co-founder of the app Rizz, which bills itself as an AI-powered dating coach. Users can upload screenshots of their dating app conversations into Rizz and ask for tips on what to say next. 'AI is helping people be a little more confident in themselves and giving them that charisma,' he said. 'There's a lot of great guys out there that are not great texters, and Rizz is helping all those great guys get seen.' This advertisement has not loaded yet, but your article continues below. Social norms around when and how it's appropriate to use AI are developing slower than the technology itself. In the workplace, where the goal is to efficiently get things done, outsourcing to AI is less ethically complex than on dating apps, where the goal is to reveal your true self, said Giada Pistilli, principal ethicist at AI company Hugging Face. The more we rely on AI to facilitate our emotional connections, the less we're able to express ourselves genuinely, she said. 'While we lack formal regulations, we do have strong moral intuitions about authenticity in intimate relationships,' Pistilli said. 'Consider how a love letter loses practically all its emotional impact once we learn it was entirely AI-generated rather than coming from the heart.' This advertisement has not loaded yet, but your article continues below. People also want to know that when they open up to someone new, the other person is also showing their true self, said Kathryn Coduto, a professor of media science at Boston University who studies dating apps. 'If you put yourself out there but the other person is so disconnected that they're layering AI in, it feels like a mismatch.' After meeting the woman he suspected of using ChatGPT to message him, Wilson set up a second date. Maybe with more time, he figured, he would get a glimpse of her true personality. But he didn't like what he saw. Though he never learned for sure whether she had relied on a chatbot, the bad date made Wilson feel resentful of AI and exhausted with dating apps, he said. If this woman had been forced to write messages herself – without help from ChatGPT or Hinge alerts stopping her from sending potentially weird messages – maybe he could have determined earlier that they weren't a good pair. They had exchanged messages for weeks, Wilson said. But who had he really been talking to? 'It's almost like we never even spoke.' Sports Money News Toronto & GTA Editorial Cartoons MLB
