The industry must address the fact that most consumers equate investment with gambling, which means there is an overwhelming reliance on cash, according to Blackrock’s managing director of UK retail (Investment Advice Bristol).

Speaking at a Tax Incentivised Savings Association (Tisa) conference, Tony Stenning said that an over-relainace on cash backed by his firm’s recent survey was increasing creating real problems for society.

We need to develop industry wide rules of thumb, which can be communicated simply to consumers, “he said, adding that while digital presented an opportunity, things such as robo-advice were not a panacea.

“Many people over 55 are worried about their retirement, but the data shows that few have sought guidance or advice since the freedoms were introduced. Confidence in financial services and their own financial capabilities is too low”.

Blackrock’s research which takes in more than 4,000 UK Consumers, found allocations to cash were 41 per cent, versus the 33 per cent they thought they would ideally hold.

In terms of “millennials”, 62 per cent said “investing is like gambling”, and despite their longer investment horizon, they held high amounts of cash, with 70 percent of their portfolio being in cash or cash like investments.

Investment Advice Bristol

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About Us: Churchill Wealth Management is a team of independent financial advisors/financial advisers (IFAs) based in Clifton, Bristol. We provide independent financial advice, including pension advice, investment advice, inheritance tax planning and protection/insurance advice.