Investors under 34 were far more likely to have used their time during lockdown to improve or protect their financial position, however only one in ten had contacted a Financial Planner, according to a new survey.

The survey found that few investors had taken professional advice. Only 9% of those surveyed had done so.

Investors under 34 were far more likely to have taken action during lockdown to improve or protect their financial position, according to the survey.

The research of 1,000 UK investors by wealth manager Bancroft Wealth showed that among investors aged 55 plus, 71% had taken no action to review or protect their investments.

Despite the 19% average loss experienced by investors during the Coronavirus pandemic, of all those surveyed 58% had not reviewed or protected their investments.

Younger investors (18-34 years old) were more likely to have used their time during lockdown to do something to improve or protect their financial position. In this age range 28% had reviewed their pension, compared to just 9% of those aged 55 and above.

A similar disparity was seen when it came to optimising investments, with 40% in the younger cohort having done so versus 15% of investors aged 55 plus.

Keir Ashman, pensions and investments specialist at Bancroft Wealth, said, “I was shocked to see that most investors had done nothing, despite their portfolio values shrinking by a fifth, on average, since the outbreak of Covid-19. Worse still, only one in 10 have either contacted, or heard from, their adviser during this time.

The survey was carried out in June by OnePoll. The investors who took part in the study had a combined £109,779,115 in investable assets (ranging from £52,000 to £1m, with an average of £188,948).