More than half of dentists (56%) are taking more risks with their savings, new research has found.
And 18% say they have significantly increased their risk appetite over the past year, with Wesleyan, who undertook the research, blaming the low interest rates as the reason.
‘Low interest rates have increased consumer spending, but they have pushed dentists to increase their risk appetite as they seek higher returns on their savings,’ Vicki Wentworth, chief customer and strategy officer at Wesleyan, said.
‘Higher risk investments can help savings pots grow, but what we’re seeing now is savers taking more risk than they might normally be comfortable with to combat record low interest rates.
‘We recommend all dentists take financial advice when reviewing their savings and investments.
‘This will ensure they fully understand the associated risks and are comfortable before making decisions that could affect their finances for years to come.’
Brexit has caused 21% of dentists to take a more cautious approach to their savings.
When it comes to keeping hard-earned long-term savings, the most popular products include savings accounts (68 per cent) and ISAs (50 per cent).