The use of financial advisers is also higher among female investors, at 46 per cent, compared with 37 per cent of male investors.

The survey also stated that while 41 per cent of investors indicated they do have a financial adviser, only 10 per cent indicated they are reliant on the advice provided by that individual when making investment decisions, a figure described by GSAM as "alarmingly low".

"There is a real need and opportunity for advisers to engage with retail investors to help them better understand risk and diversification," said GSAM managing director and head of third party distribution for the Asia-Pacific, Jessica Jones.

Ms Jones said GSAM still sees significant opportunity for advisers to play a role as educators on asset allocation and portfolio construction, and is investing in adviser education through its Wealth Management Institute.