The study, carried out by AJ Bell, revealed a quarter (24%) feared a reduction in the ISA allowance, while others worried about cuts to pension tax relief and death benefits.

Almost two-thirds (60%) struggled with picking their own investments, followed by tax implications (17%) and understanding pension rules (11%)

Greater incentives from Government, simple investment solutions and fewer changes to rules topped wish-lists for 2019

Tom Selby, senior analyst at AJ Bell, said: “It’s probably no surprise to see most savers want the Government to give them more incentives to save, although whether this is realistic at a time when Brexit uncertainty continues to grip Westminster is another matter.

“The fact almost a third of savers are worried the Government will cut pension tax relief and 24% fear a reduction in the ISA allowance perhaps suggests expectations of hand-outs are in short supply.

“Despite this there are some simple steps both policymakers and the industry can take to help struggling savers.

“There is clearly plenty of demand for simplicity, both in the products consumers receive and the rules that govern them, and regulators and ministers should take note of the fact 29% of customers say fewer changes to the rules would encourage them to save more.

“The world of investments remains a black box of complexity for most people, perhaps unsurprising given the bewildering selection of funds available.

“For those struggling to decide what to do, low-cost, ready-made solutions could well provide a suitable solution, although careful monitoring remains essential.”
 
The research was conducted online with 702 AJ Bell Youinvest customers during November and December.