One in five stock market investors have moved some of their money into more cautious investments such as cash or bonds over the past three months.

Over a third of investors have felt apprehensive about stock market investments over the past three months and nearly half decided to review their investments, with one in five moving some of their money to more cautious investments, according to the Investor Outlook report from Lloyds TSB.

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"Investors have undoubtedly been rattled by the recent stock market turbulence, and the widely-reported 'credit crunch' has prompted many to review their investments,” said Nathan Moss, managing director of wealth management at Lloyds TSB. “But, it's important for investors to consider their own circumstances and avoid a knee-jerk reaction. By speaking to an expert and building a balanced portfolio, investors can ensure that their finances remain in good shape despite changing stock market conditions."

The main catalyst for investors making changes to their portfolio was concern about the market as a result of the media coverage of the 'credit crunch'. A quarter acted on guidance from their financial adviser or bank.

Nearly half of those surveyed say that they considered their decision carefully and have no regrets about the changes they made to their portfolio despite not having seen any benefits yet. A third have already benefited from the changes they made and are pleased with the action they took. But one in five say that it's too early to know whether the action they decided to take was too hasty.

Confidence in stock market investments is higher amongst investors who have a proper financial plan in place, and better still amongst those who sought the advice of a financial adviser before making changes to their investment portfolio. Only 22 per cent of investors who don't have a plan in place feel confident.

Of those that feel apprehensive, over a third believe that the return from the FTSE in recent years hasn't been good and think the trend will continue. Nearly one in five think that, in the long term, the stock market isn't going to outperform cash or bonds and that the risk associated with stock market investments means it isn't worth investing in.

Another new survey has found that the credit crunch has left one in three Brits concerned about the coubtry's economic position, with many struggling against financial pressures. To read more, Click Here.