According to trade body, the Investment Association, collectively we now have £899 billion invested in funds - pooled investment schemes sometimes referred to as unit trusts or OEICs.
But investing can be a tricky business, given the plethora of products on offer. In addition, investing is also a long-term business and there will be ups and downs, so patience is key. While there is no shortage of funds to choose from, finding fund managers who can deliver consistently is another matter.
Rob Gleeson, head of FE Research, a fund analyst, explains: "Generally, the most consistent managers are the ones with a strong core strategy. While they will have ups and downs across the business cycle, over multiple cycles they offer relatively stable returns."
To give you an idea of where you might want to squirrel away some cash, we've picked out 50 fund choices, as recommended by some of the UK's top fund-pickers. Our panel includes: Darius McDermott, managing director of brokers Chelsea Financial Services; Mark Dampier, head of research at Hargreaves Lansdown; Gavin Haynes, managing director of Whitechurch Securities; and Adrian Lowcock, head of investing at Axa Wealth.
Bonds, sometimes referred to as fixed-income investments, are 'IOUs' issued by governments or firms looking to raise cash. Investors lend their cash for a set period of time and, in return, the issuer pays interest. When the bond matures, the capital should be returned in full. Experts recommend them to create a balanced and diversified portfolio.
This type of bond fund offers extra income but comes with more risk.
31. BAILLIE GIFFORD HIGH YIELD BOND - Five-year return: 48%
McDermott tips the Baillie Gifford High Yield Bond, which is managed by Robert Baltzer and Donald Philips. He says: "The emphasis is on stockpicking, and it has delivered excellent relative performance for a number of years."
32. INVESCO PERPETUAL HIGH YIELD - Five-year return: 58%
McDermott says this fund, run by fixed- income stalwarts Paul Read and Paul Causer, aims to deliver an attractive income while preserving capital. The portfolio has a European focus.