Five million people may switch their individual savings accounts (ISAs) because of worries over performance, MetLife research estimates.
Customers with cash ISAs are nearly four times as likely to consider transferring their funds as those with stocks and shares products.
ISAs are tax-free savings funds in the UK and the market is worth £518 billion (€598 billion).
In research of ISA investors and financial advisers, Metlife found that 19% of cash ISA savers were considering moving their funds compared with 5% of stocks & shares ISA investors.
But advisers were worried about the lack of savings and investment options for clients. Around two out of five advisers said cash ISA alternatives were hard to find as rates were too low, and nearly a quarter were concerned that an equity market slide could hit savings.
Simon Massey, wealth management director at MetLife UK said: “Transferring ISA holdings in this environment makes sense. There is an important role for advisers to help clients with finding alternatives which suit their goals.”
Metlife commissioned research of 107 specialist retirement advisers and 1,071 employed adults.
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