AUTIFAssociation of Unit Trusts and Investment Funds
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And AUTIF warned the figures for this month could again deteriorate: "So far we are only in a position to relay anecdotal evidence from member companies for September business levels.
But money isn't on the curriculum and only 40 per cent of kids get financial advice at home," says Philip Warland, director general of AUTIF.
Scottish children are the canniest when it comes to understanding financial jargon, AUTIF discovered.
Falls in stock market values and an uncertain outlook have deterred many would-be investors in the final quarter of the tax-year,' said Clare Arber, public relations manager at AUTIF.
Jason Holland, deputy managing director of financial adviser BestInvest, said of the AUTIF figures: 'It is not surprising that across the industry sales are going to be down quite significantly.
A study by AUTIF does offer some evidence that ethical funds with strict criteria may suffer from limited performance.
The overall AUTIF figures disguise the speed at which investors are switching to technology-based unit trusts.
In 1999 AUTIF estimates that some pounds 200 million was spent on unit trust marketing.
It will be significantly cheaper for the advisers, much faster and much more accurate with errors identified much more quickly and every client will be dealt with in a consistent way across the whole industry," said Mr Alan Ainsworth, who chairs both AUTIF and EMX.
The guide is available from AUTIF on 020 8207 1361 or at the association's website www.
Many people do not realise that the AUTIF figures include large numbers of ISAs that have been bought through PEP rollovers and transfers from unit trusts, whilst the ABI figures represent genuinely new accounts," says Mr Clarke.
AUTIF spokeswoman Ms Anne McMeehan said: "The first stepping stone for people who decide to take their money out of the bank or building society is normally a broad-based UK fund.