Growing consumer confidence in equities is seeing investors increasingly desert cash and return to stocks and shares, new research has suggested.
According to Virgin Money, the number of advisers recommending their clients to invest in cash has fallen, from 86 per cent this time last year to just 55 per cent now.
Confidence in cash has evaporated during that time with just seven per cent of advisers thinking it will deliver the best returns, down from 18 per cent a year ago.
Meanwhile, the proportion recommending UK shares to investors has increased to 80 per cent, up from 78 per cent at the same time last year.
Almost half (45 per cent) of advisers said they were most optimistic about UK equities in delivering the best return for their clients' investments, up from 29 per cent a year ago.
"The FTSE is on the up and while it will be a gradual and at times unpredictable improvement, there seems to be a quiet acceptance that UK shares are recovering from the downturn," said Virgin Money spokesman Grant Bather.
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