Millions of people are playing a dangerous game with their finances because they are ignorant to the risks attached to their investments.
New research from Baring Asset Management has revealed that more than a third of Brits have never made a change to the risk profile of their pension and investments, the equivalent of around 18.5 million people.
Around 8.3 million people are unaware of the level of risk involved with their investments, including the pensions that they have, with a further 2.6 million people unable to say.
That the stock markets have been particularly volatile over the past few years makes the statistics particularly concerning.
However, the asset manager warned the lack of attention is especially worrying for those approaching retirement.
Around 3.5 million of those aged 55-64 and 3.9 million people aged 65 and over have never made a change to their pensions and investments.
Marino Valensise, chief investment officer at Barings, said that with so few people taking an active role in understanding the terms and conditions of their investments, many are likely to be disappointed when they reach retirement.
"Without understanding the risks they are ignorant to how they need to look after the pot in order to get the maximum income in retirement," he added.
"Quite simply, not enough people are checking the risk profile of their pension and investments and a large proportion of those that do, aren't doing it regularly enough.
"Market volatility and the impact this is having on our savings is front page news these days and can no longer be ignored."
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