Just over half (54%) of some 1,000 investors surveyed by Morningstar indicated they would not pay for professional advice, with 29% of those expressing a wish to be the one in control of their investments.

Just under a third (22%) said they believed they could do a better job, while a fifth listed lack of trust as a barrier. Only 5% of those surveyed said it was because they could not afford it.

The study was conducted among 1,000 registered users of Morningstar.co.uk in April.

Elsewhere, for those who say they are willing to use an adviser’s services, the poll suggested reputation trumps cost when selecting an intermediary.

Among those surveyed, trust was participants’ primary attraction, followed by reputation, cost and previous investment performance. Issues such as availability, location, personality and brand were not considered particularly important by many respondents.