Fewer consumers are seeking financial advice before investing their cash, research suggests.
A study by online provider Fair Investment Company found 78% of its own customers did not seek advice before investing.
This represents a 14% increase since January, when investors were asked the same question, Fair says.
George Ladds, head of investment and pension research, says: "Ten years ago it was very unusual for people to make their own decisions about investments - there simply wasn't enough information out there for them to do so.
"But since the internet has become more and more popular, it has become the place to go for research on virtually any subject and, as a result, people are increasingly cutting out the middle man."
Fair's survey also suggests that, despite recent market volatility, investors are not scared to move away from cash investment products.
Even though almost half (47%) still have the greatest exposure in cash, one in three said they would be looking to invest in cash going forward.
Of the 69% who said they would be looking at investments other than cash, 38% said they would be looking at structured products.
Ladds says: "With interests rates still low, the average saving rate is only 0.73% and cash investments are simply not producing the returns people are looking for.
"Clients are realising they are going to have to start taking some risks in order to start getting better returns."
The increase in minimum AE contributions has had little impact on opt-out rates - with cessations after April increasing by less than two percentage points, data from The Pensions Regulator (TPR) shows.
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