According to a new report by adviser search website unbiased.co.uk, despite record low interest rates on cash savings, nearly two thirds of savers are not putting their money in anything other than cash and are staying away from investing in the stock markets.

The research revealed that of those who currently have their savings in cash, only two in five think they don’t have enough money to invest.

Following the market turbulence over the past fortnight, nearly a third admitted that they feel investing is too risky, while one in five are worried about making the wrong choices.

Despite the current low-interest environment and lack of inflation-busting savings accounts, 15% of cash-savers believe they can get better rates with a deposit account or cash ISA.

A fifth of 18-34 year olds also state that they are not investing because of a lack of know-how, while one in ten think it’s too complicated.

The report also highlighted that with many first time investors, not knowing where to invest and what type of investment product to park their money is a key barrier.

Karen Barrett, chief executive of unbiased.co.uk, said: “Our research shows there is a clear appetite from cash savers to invest their money but key factors such as knowing how and when to buy and sell investments are putting people off.

“The potential risk factor also seems to be deterring savers but in a balanced portfolio of investments, adding an element of risk can provide opportunities for returns. Those who want to take the next step but are unsure where to start should speak to a professional financial adviser who specialises in investing.

“They can offer their expertise on first time investing, help you understand what risk is appropriate for your current position and give you guidance on how often and when to invest.”

The group of not-yet investors feel the most complicated part of investing would be timing when they should buy and sell their investments.

This is closely followed by knowing how to buy and sell stocks and shares, and knowing which investments would represent the best value for their money.

Cash savers are being urged to consider all their options to ensure their savings are working hard for them, but Barrett advises that it is crucial to seek professional financial advice to help make the right decision.