Online wealth manager InvestEngine has launched a DIY platform that allows investors to build and manage their own investment portfolios for free.

InvestEngine DIY gives investors the tools to set a new standard of long-term investing on the platform. Users can invest in line with the goals of their overall portfolio, rather than speculating on individual stocks. As a result, investors can see the bigger picture and spread investment risk.

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According to research from the firm, 40% of investors have invested more since the start of the pandemic.

Furthermore, 54% of 16-24-year-olds invest more frequently than they did 18 months ago. Younger investors are being influenced by concerning external factors, citing media exposure and boredom as top driers for investing more over the last 18 months.

When asked what they considered to be a good investment strategy for growing existing savings, only 18% of respondents acknowledged that diversifying their portfolio was a good tactic for better investing.

Simon Crookall, founder of InvestEngine, said: “It’s exciting to see that people are increasingly realising that investing is no longer reserved for the experts and those with a significant amount of money.

“Yet, while many trading apps have helped to democratise investing, they have failed to fulfil the responsibility of educating investors on the importance of diversification and a considered approach to risk.

“Our platform will continue to democratise investing, while also providing a blueprint for investors to build and manage their own diversified portfolio of ETFs, avoiding the temptations and risks of individual stock-picking.

“We think a DIY investment service that focuses on building diversified portfolios to achieve better long-term returns offers a better approach for wealth-building than speculating via a trading app.”

He added: “this is only the beginning — we’ll be adding an ISA and other new features in coming months, with even more powerful functionality going forward.”