A nationwide survey of 1,000 individuals regularly investing into at least one investment product found a serious lack of awareness of administration charges, with 37 per cent believing they do not pay admin fees - compared to an average of 32 per cent across the UK.

The survey also revealed over 70 per cent of people who were aware they paid an administration fee had no idea how much it was. Women were least likely to know, with three quarters (74 per cent) in the country admitting to not knowing how much they pay in fees, compared to two thirds (67 per cent) of men.

In addition, there was confusion over the type of fee paid. Only a third of Scottish investors (31 per cent) knew whether they pay a flat fee or a percentage fee for their pension or investment, similar to the UK average of 34 per cent.

Sara Wilson, head of platform proposition at Alliance Trust Savings, said: “Fees can make a huge difference to the value of an investment pot over time. Whether you pay flat fees or percentage fees for your platform administration can also impact your investment returns. Many platforms charge a percentage fee, meaning higher value accounts pay more, and effectively subsidise the costs of those with smaller account values even though it does not cost ten times as much to service a £500,000 ISA as it does to service a £50,000 one. For people with larger accounts, flat fees can offer excellent value and make a big difference to what you could get back over the longer term.”