- Only 22% seek financial advice
- Number seeking advice has dropped 14% in six months
Investors are continuing to take their money into their own hands according to the latest research by Fair Investment Company.
The financial services provider, which specialises in savings and investments, has found that 78% of its customers didn't seek advice before making a decision about where to invest their cash, a 14% increase on six months ago.
In January, when investors were asked the same question, 36% said they took advice before making an investment decision, this has now fallen to just 22%.
"Our research shows that people are much more confident about making their own investment decisions than they used to be," said George Ladds, head of investment and pension research at Fair Investment Company.
"10 years ago, it was very unusual for people to make their own decisions about investments – there simply wasn't enough information out there for them to do so. But since the internet has become more and more popular, it has become the place to go for research on virtually any subject, and as a result, people are increasingly cutting out the middle man.
"By using sites like www.fairinvestment.co.uk, investors can find out everything they need to know and then make their own decision based on their own research. This new found independence, combined with the fact that many feel let down by advisors who have not provided an adequate service, means that people are willingly taking matters into their own hands."
The survey also revealed that despite recent market volatility, investors are not scared to move away from cash investment products. Even though almost half (47%) still have the greatest exposure in cash, just 31% said they would be looking to invest in cash going forward.
Of the 69% who said they would be looking at investments other than cash, 38% said they would be looking at structured products.
"With the interest rate still down at 0.5%, the average savings rate is just 0.73% and average cash ISAs rate 2.12%; cash investments are simply not producing the returns people are looking for and our clients are realising that they are going to have to start taking some risks and move their money away from safer cash investments in order to start getting better returns," said Mr Ladds.
"Obviously our survey has shown that although 78% do not seek advice, 22% do still want to speak to someone about their investment needs and we have an independent advisory service to meet that need.
"But with websites like fairinvestment.co.uk, people are starting to see that they don't have to seek advice, they can do their own research and make an informed decision about what to do with their money.