While financial services are the most heavily invested sector across all age groups, exposure grows as investors age. Just 44 per cent of investors aged between 18 and 24 hold financial stocks, 72 per cent of investors aged 75 and over hold stocks in the sector.

Financials are the only sector to show a constant increase as investors age, though healthcare, telecommunications and utilities also show increased holdings among older investors.

While technology stocks are popular with investors aged 18 to 24, exposure drops off for 25 to 34 year olds and continues to decrease. Just six per cent of investors 75 and older hold technology stocks.

Other stocks where the number of investors holding exposure declines with age include basic materials (a 53% fall between the ages of 18-24 and 75+) and oil & gas (a 32% fall between the ages of 18-24 and 75+).

Damian Stansfield, managing director of Halifax Share Dealing, said: “There is likely to be an element of de-risking portfolios as investors move into retirement and shift their portfolios into areas where they feel most comfortable, although it’s interesting to see that technology becomes the least invested sector by age 55.”

Utilities move in exactly the opposite direction, according to Halifax’s data. While unpopular with younger investors – just seven per cent of investors 18 to 24 hold utlities stocks – they become increasingly popular as age increases. Some 15 per cent of investors 75 and over have exposure to the sector.