The Investment Association (IA) has set out its plans for future growth to support the UK economy and boost individuals’ financial resilience.

In response to the government’s consultation, Financial Services Growth and Competitiveness Strategy, the IA revealed that, over the next 10 years and in partnership with the government and regulators, the investment industry will aim to increase the number of people holding an investment product from just over 20 per cent to 75 per cent.

It said that achieving this would deliver a culture of inclusive investment that would empower people to access capital markets and improve their financial resilience.

Furthermore, the IA argued that ensuring the UK had a fully inclusive investment environment that enabled the broadest range of people possible to confidently invest to improve their long-term financial security should be an additional objective of the strategy.

This would include ensuring that the advice and guidance market continued to evolve so more people can receive professional support to invest productively, and more effective financial education.

The investment industry will also aim to increase its export earnings from £11.7bn a year to £15bn a year over the next decade, the IA revealed.

It stated that this target was looking to build on the “current success” of the industry.

“A new partnership between government, regulators and industry, as part of the modern industrial strategy, is urgently needed to help deliver a more dynamic economic environment,” said IA CEO, Chris Cummings.

“The shift towards a more risk-on, growth mindset is the first step in achieving this, but we must be ambitious if we’re to deliver real sustainable growth and greater financial resilience for UK households.

“That’s why we have outlined two clear aims, to significantly boost the number of people investing, so that the benefits of investment can be felt across the economy, and to grow our industry’s export earnings.”

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