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The report claims a lack of financial education among general consumers has lead to a decreasing awareness about the benefits of investing, with many looking for simplistic and less profitable options for their money.

Using its own research, JP Morgan claims that there is an apparent gap between what individuals perceive they need to save for retirement and what they would actually need to save.

It describes Britain as a nation of well-intentioned savers but not investors, missing out on advantageous tax breaks which could buoy their financial well-being.

Jasper Berens, head of UK retail sales for JP Morgan Asset Management, said these findings called for a government-led "financial well-being" awareness campaign to support IFAs.

"These very factors make it even more important for IFAs to talk through holistic financial planning with their clients but advisers can not do this alone," he said.

"Governments in a free market have always shied away from telling people how they should be using their money. But without laying down some basic principles, it may not be possible to obtain a general state of financial well-being.

"Now more than ever, it is essential to provide a simple and effective financial planning guidance accessible to all UK individuals."