The research also revealed that 70 per cent of wealth managers’ clients are focused on investing to ensure they do not run out of money when they retire.

Tony Stenning, head of UK retail at Blackrock, said that as a result of rising life expectancy rates it was "little wonder" that clients in the Channel Islands were investing for their retirement.

“These findings demonstrate that investors need to ask themselves whether they can achieve their long-term life goals with the investments they have. Life expectancy rose a staggering 43 per cent between 1950 and 2010 yet we’re retiring at the same age," said Stenning.

Stenning said that the compounding power of income from investments was critical in the current economic climate and that investors should "broaden their horizons" to consider investment options other than government bonds as a result.

"Interest rates are at extremely low levels and the yields from government bonds, traditionally considered the safest investment choice post financial crash, have fallen dramatically. Those in search of low-risk alternative sources of income should speak to their wealth manager about how best to manage their capital whilst avoiding the purchasing power being ravaged by inflation," said Stenning.

In other findings, 83 per cent of wealth managers are at least somewhat optimistic about the UK economy over the next six months, while 83 per cent of wealth managers’ clients are very concerned about changes to inflation.

The research was conducted in June by BlackRock and polled 36 wealth managers at its Channel Island Conference in Jersey.