The average investor's holdings in equities fell 55 per cent in the last six months as market volatility hit appetite for risky assets, data fromLloyds TSB Wealth Management showed, according to media reports.

Some 28 per cent of investors have moved money into more cautious investments, such as cash or bonds, in the last six months, the data showed. Furthermore 53 per cent of investors feel apprehensive about the stock market in the next twelve months. The reports did not specify how many investors were covered by the data or whether they were from the UK, however.

Nathan Moss, managing director of wealth management at Lloyds TSB, said: "Stock market investors are ditching the FTSE in droves as confidence slumps. But, this approach could be costly in the long run.”

Over the last six months 65 per cent of investors have reviewed their holdings, with 54 per cent saying they felt apprehensive about their stock market investments, up from 37 per cent in December.

Of those who have made changes to their investments over the past six months, 44 per cent moved some or all of their money into more cautious investments (such as cash or bonds), with five per cent moving their entire portfolio.

Looking forward, 53 per cent of investors said that they felt apprehensive about stock market investments over the coming year, up from just 36 per cent six months ago.

Just 21 per cent felt confident about the future of the markets, a fall of five per cent.