The £721bn of 'dead money' British adults have sitting in bank accounts and ISAs represents a major opportunity for advisers to build relationships with new clients, according to Nutmeg.
Research by the online investment management service has indicated the average adult in the UK has a substantial £14,049.30 saved but no plans to do anything with it.
The study found almost three-quarters (70%) of those polled said their savings were "for a rainy day" while just over half (51%) admitted they "did not really know" why they had the money put aside.
Nutmeg head of financial advice Lisa Caplan said: "Our survey shows people are literally sitting on their money, with no real plans on how to spend it, save it or invest it.
"A large proportion of people tend to assume just popping money into the bank makes the most financial sense - yet, with few accounts offering ways of increasing that sum of money, that might not be the case."
This represented a major opportunity for advisers, said Caplan, adding: "Part of the job of the adviser is to encourage someone to engage with their money, figure out what it is actually for and then help them achieve their objective.
"This 'dead money' has no particular objective, so we really want to encourage people to think about it, and think about what it is actually for. Advisers can help someone form an idea about that and then provide the practical investment advice that goes with it."
The research also found more than a third (39%) of adults have an old pension pot from a previous job worth more than £16,000 - and yet the majority had no idea how to access the money. One in five had a personal pension containing more than £20,000, which they no longer pay into.
Furthermore, while four in 10 of the more than 2,000 people canvassed for the research knew they used to pay into a pension with work, of these 17% had lost all relevant paperwork, 21% did not know how to access the pension and 24% had no idea how much money they were entitled to.
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