Internet is the most popular source for retirement advice
Two fifths of over-50s (42%) plan to speak to a professional financial adviser about their retirement options. This figure is up from the 38% reported last year, according to Retirement Advantage.
However, its Retirement Sentiment report ‘Expanding Horizons’ revealed that the internet continues to be the most popular source for retirement information (44%).
This is closely followed by the government’s Pension Wise guidance service (42%).
A third of over 50s (35%) said they will rely on their pension provider while one in six (18%) said they would talk to their employer.
Retirement Advantage found that trust and cost remain barriers to professional financial advice – 42% said they are put off by the cost, a rise of 38% recorded in the previous year.
While trust levels have increased in the last year, 31% of respondents said trust was still an issue and the same amount said they don’t feel financial advice is necessary. A fifth (18%) said it wouldn’t bring any benefit, with 15% saying they would trust their pension provider to gain the advice they need.
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.”
Tully added that 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.
“It’s 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,” he said.