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15 Nov 2017

Two fifths of over-50s will seek professional advice for retirement planning

A growing number of over-50s in the UK plan to discuss their retirement finance options with a professional financial adviser.

New research from Retirement Advantage revealed that two fifths (42%) plan to speak to a financial adviser, up from 38% last year.

The internet is another popular source of information on retirement finance, with 44% saying they will go online, and 42% expect to use the government´s Pension Wise guidance service.

Meanwhile, just over a third of the over-50s (35%) said they will rely on their pension provider, and one in six (18%) will consult their employer.

Among those who don´t plan to consult a financial adviser about their retirement options, trust and cost were cited as the main barriers.

In the survey, 42% of those who don´t plan to use a financial adviser said they are put off by the cost, an increase from 38% a year ago. And while trust in advisers has risen over the last year, one in three (31%) still think trust is an issue.

Another 31% don´t feel consulting a professional adviser is necessary, while 18% think it would not bring any benefit, and 15% said they trust their pension provider to give the advice they need.

Commenting on the findings, Andrew Tully, pensions technical director at Retirement Advantage, said: “Retirement is a complicated business and it is very easy to make costly, and often irreversible, mistakes. So it´s encouraging that people facing potentially life changing decisions are planning to go and see a professional financial adviser. While there is plenty of information and guidance to be found online, professional financial advice will help people get the most from their retirement finances.

“The increase in trust in professional advisers over the last year is positive. However, the increase in those citing cost as a reason for not consulting an adviser is disappointing, particularly in light of the one in six that say they would trust their pension provider to give them the information they need.

“Previous analysis has shown that people who don´t shop around for the best deal on products like annuities and drawdown could lose out on thousands of pounds of income over the course of retirement. So it is vital that more is done to encourage people to get professional advice and consider all the options available to them to make the most of their hard-earned savings.”

Copyright © M2 Bespoke 2017

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