A recent survey of US investors has found that only a small minority were fully aware of how the changes in tax legislation enacted in 2003 have affected their investment portfolios.
"People don't like thinking about taxes more than once a year, when they have to fill out their tax returns," said Duncan Richardson, chief equity investment officer at Eaton Vance Corp, the firm that commissioned the survey.
According to the results of the poll, which questioned 500 investors, only 21% said they understood how last year’s tax cuts affected their investments, and only 9% have made adjustments to their portfolios as a result of the tax cuts.
The poll also found that investors were overwhelmingly cautious in the wake of recent corporate scandals such as the collapse of Enron, and 90% cited risk minimisation as an important factor when picking stocks.
Just over half reported that they are now more likely to use the services of an advisor given recent market volatility.
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