First edition books and comics are the most popular alternative investment for young professionals, a new study reveals.

Research from insurance company Zurich shows around 50 per cent of Britons choose to put their cash into collectables as an alternative investment.

Along with books and comics – the most popular collectibles for 12 per cent of alternative investors – people are also putting their money into paintings and prints (11 per cent) and vinyl records (ten per cent).

Items such as cigarette cards, which have reached prices as high £1.2 million in the US, glassware and pre-1950 football programmes are also being bought up by alternative investors.

One in six say their collecting habit is all about cashing it in once the price goes up rather than being a hobby, with one in ten going as far as to say collecting is just as good as investing in stocks and shares.

The average investment in collectibles over the last five years is £2,000, the study finds, with owners forecasting 190 per cent profit each item they collect.

However, the insurer is warning 40 per cent of investors in collectibles have not told their insurance company about their collection’s worth, with one in four believing home contents insurance was not necessary.

“It seems that old valuables are the new investments for modern professionals these days. Our research shows they’re more interested in, and profiting more from, antiques and collectibles than any other generation before them,” commented Martin Hall, head of personal lines underwriting at Zurich.

“However, we would advise anyone with a collection of valuable items in their home to keep their insurance company or broker up to speed to make sure they’re covered in the event of accident, loss of theft.”