The study taken this summer by also found that more than a third (37 per cent) of those without a financial advisor had low confidence in their investments performing well over the next 12 months, compared with a fifth of those with an advisor.

With the report indentifying that seven in 10 UK investors are managing their finances independently and not seeking advice, opportunity is beckoning for wealth advisors to step up their efforts to reach these investors, the US-based group, which manages around £2.6 trillion globally, suggested.

The research was commissioned as part of Capital Group's “I can” campaign unveiled earlier this year in a bid to raise its UK profile and target investors who might be asking "‘Can I still?’ rather than ‘I can’ when it comes to their financial goals,” UK head of financial intermediaries at Capital Group, Chris Miles, said.

"UK investors will have come through moments of severe disruption and turmoil in the past but it’s clear the COVID-19 pandemic has taken its toll on many investors’ financial plans, with recovery for some over five years away. As the research shows, it’s in times like these that the value of advice comes to the fore,” he said.

The Los Angeles-based asset manager has operated in the UK for over 40 years, and counts London as its second largest investment office globally. The group has been pursuing a larger share of the UK intermediaries market, launching a range of Open-Ended Investment Companies (OEICs) back in April focused on active, long-only equity and fixed income fund strategies.