Investors spooked by the recent turmoil in the markets have increasingly been entrusting their funds to the relative safe haven of cash.
The amount of money invested into cash and low risk money market funds more than doubled in the third quarter of the year, according to Skandia.
The retreat has seen sales of cash funds soar by a staggering 121% during the period to make it the third best selling sector overall.
All equity sectors bar Japan saw a decrease in sales during the quarter, further illustrating the fear currently being felt by investors.
Sales of UK equity funds suffered a 10% drop.
"Investment into cash and money market funds had been declining steadily since the last period of extreme market volatility in 2008 but has now shot up to its highest level since the first quarter of 2009," said Graham Bentley, Skandia's investment expert.
"This is understandable, nevertheless cash still only accounts for approximately 13% of sales, indicating that the majority of investors are using the platform to invest in a well-balanced portfolio for the long term.
"These investors will be taking advantage of relatively depressed equity prices, and should therefore benefit over the longer term."
The latest data from TD Waterhouse showed that investors had been looking to diversify their share portfolios in response to the volatility.
The FTSE 100, along with stock markets from around the world, has endured massive swings both up and down in recent weeks, as the problems in the eurozone continue to unfold.
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