According to the final Institute of Financial Planning (IFP) poll, despite returns from deposit accounts at near record lows when tax and inflation are taken into account, savers are still choosing to sit on their cash rather than take investment risks.

Women are the least confident when it comes to investing their money, with just 7% saying they are likely or very likely to do so compared to 14% of men.

Overall only 10% are likely to consider the stockmarket next year hoping to get better returns than bank or building society deposit accounts.

Nick Cann, CEO of IFP said: “Just leaving money in a bank account is going to see it erode over time with the effects of inflation and that is very dangerous.

“A plan of action is required to determine what short, medium and long term goals exist so that effective savings and investment strategies can be used which will be mindful of the individual’s attitude to risk and loss, and give the chance of them maintaining the value of their capital over the longer term.

“Understanding the options at least has to be a positive step forward.”

Interestingly, 71% of people aged 18-34 are unlikely to invest, which highlights that even among those who can afford to take risks in the long term are extremely risk-averse.

Two thirds of those aged 55 and over also say that they are very unlikely to consider investing, with only 8% being likely or very likely to do so.

John Ions, chief executive of Liontrust, said: “Equity investing and the income that can be generated can be a very powerful way of maintaining and improving income over the longer term.

“It only goes to highlight the need to seek proper advice and gain a better understanding and confidence of other options. Apathy could be the biggest destroyer of future financial goals.”