Burnt by big tech, let down by meme stocks and left shivering in the depths of the crypto winter: many new investors, particularly young people, are now sitting on sizeable losses. Losing money should not mean losing faith in investing. It should mean turning to steadier and more proven, if less flash and get-rich-quick, investment strategies.

Anyone who bought the pandemic dip could be forgiven for thinking investing was easy. Rising inflation and interest rates have since spoiled the party. Regulators did not intervene as traders piled into unregulated cryptocurrencies, and were late in bewailing the gamification of the investment industry. UK watchdogs warned trading apps to avoid the use of points and celebratory messages to goad punters into making risky bets.

All of this short-term speculation has more in common with gambling than investing. Attempting to get rich quick rarely pays off. But low levels of financial literacy, the paucity of investment education and a growing “advice gap” make it harder to find an alternative.