The first Financial Lives survey questioned just under 13,000 people in the UK about their finances in order for the FCA to better understand the issues affecting consumers.
It found most (87%) had some form of cash savings, but only 29% held an investment that wasn’t a pension or in property, wine, art and jewellery.
Those with investments had more in the bank on average than cash-only savers, with a mean of £48,000 held in investments as opposed to £29,000 in cash.
Perhaps unsurprisingly, the older people were the more likely they were to invest, but the figure still stands at less than half for the older age bracket of 65-74 year olds.
Of people in the 65-74 age bracket, less than half (44%) invested their cash.
Those that did invest held an average of £77,000.
Only 7% of 18-24 year olds have any investments at all, the survey found, and those that do hold an average of about £14,000.
The survey also revealed couples are more likely to invest than single people, and the self-employed are more likely to invest than those in full-time employment.
Andrew Bailey, FCA chief executive, said: “I would like to thank everyone who took part in the survey. The findings give us a wealth of information which will be used to increase our knowledge and understanding of the issues affecting consumers and how to best protect them.
“The data gathered will be invaluable in helping the FCA prioritise our work. We also hope that the research will provide valuable insight for other organisations focusing on consumers and finance.”
