Improved consumer confidence – which has risen steadily since the start of 2014 – has had little effect on investors’ appetite for risk, according to True Potential LLP. Some 71 per cent of the 2,000 people surveyed described their approach to saving as cautious, balanced or defensive, with 63 per cent of people still planning to invest in a cash ISA this year despite persistently low interest rates.

Daniel Harrison, senior partner at True Potential, said: “The economy is showing real signs of improvement but, despite this, our research shows that savers remain cautious with their investments.”

Despite the upturn in the economy just 11 per cent said they were planning to take more risk. Younger people proved less cautious than average, with 17 per cent of 18 to 34 year olds planning to take a more aggressive approach.

Harrison continued: “The UK is facing a savings crisis, with not enough people saving or investing their money in accounts that do not beat inflation. There needs to be a shift in attitude in Britain towards a culture of saving in a way that adds value.”