The £721bn of 'dead money' British adults have sitting in bank accounts and ISAs represents a major opportunity for advisers to build relationships with new clients, according to Nutmeg.
Research by the online investment management service has indicated the average adult in the UK has a substantial £14,049.30 saved but no plans to do anything with it. The study found almost three-quarters (70%) of those polled said their savings were "for a rainy day" while just over half (51%) admitted they "did not really know" why they had the money put aside. Nutmeg head of financial advice Lisa Caplan said: "Our survey shows people are literally sitting on their money, with no real plans on how to spend it, save it or invest it. "A large proportion of people tend to assume jus...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
