Over a million UK investors feel Covid-19 threw their finances off track, according to research by Capital Group.
The investors said they were either not on track with their financial plans, or completely thrown off course.
The research indicated that one in five investors was knocked off course by the pandemic and that it could take them at least five years to restore their long-term financial plans back to health.
In total, 1,003 retail investors aged over 45 years with £50,000 or more in investments were surveyed. The survey was designed to give results that were nationally representative.
Findings included that more than a third (37%) of those without a financial adviser lacked confidence in the performance of their investments over the next 12 months, compared to only a fifth of those with an adviser (21%).
Despite this marked difference in confidence against financial goals between those with and without an adviser, about 6 million UK investors (7 in 10) still currently manage their finances independently and don’t seek advice, according to Capital Group.
Chris Miles, Capital Group’s head of financial intermediaries UK, said: “UK investors will have come through moments of severe disruption and turmoil in the past but it’s clear the Covid-19 pandemic has taken its toll on many investors’ financial plans, with recovery for some over five years away.”
He added it was “in times like these that the value of advice comes to the fore”.