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More people are seeking financial advice

Growing numbers of people are choosing to speak to a financial adviser about their finances but the numbers are still low, according to research by Aegon.

The survey of 909 UK adults revealed that 10% use a financial adviser. That´s a 25% increase in the number of people seeking financial advice since the previous survey, which found that only 8% of people spoke to an adviser about their financial decisions.

A majority of respondents (47%) said they make financial decisions on their own, while 40% said they made decisions with their partner or spouse.

Steven Cameron, pension director for Aegon, welcomed the increase in the number of people speaking to a financial adviser but said that overall take-up of financial advice remains “worryingly low”.

He added: “Since last year, the numbers accessing their pensions flexibly through pension freedoms has continued to grow. Making the right decision on your retirement finances is hugely important and really should be done only with the help of a professional adviser. Worryingly, 32% of those going into income drawdown did not use an adviser.”

Stressing the importance of people seeking financial advice for the more important or difficult decisions, Cameron said: “In many cases, the benefits of getting things right can far outweigh the costs. It might be money well spent to ensure they are doing the best they can for their financial futures.”

Aegon has come up with nine reasons to speak to a financial adviser when planning for retirement:

  1. Selecting a pension product
  2. Planning your retirement goals and where to invest your money to meet them
  3. Checking if you´re paying enough in to meet your retirement goals
  4. Deciding how to access your pension, including how much income you can take without risking running out of money
  5. Consolidating your pension saving into one pot
  6. Transferring a pension from one provider to another
  7. Considering whether to transfer out of a final salary or defined benefit scheme
  8. Reviewing investment performance or changing funds
  9. Inheritance tax planning

Posted on June 6th 2018

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