New research shows 22% of people earning £40,001 to £50,000 have spoken with a financial adviser regarding their retirement savings.

But this figure jumps to 56% for those who earn between £50,001 and £60,000, showing that there’s a steep change in people’s confidence, expectations and behaviours when it comes to planning for their future.

The research by Octopus Investments also revealed that 14% of people earning £40,001 to £50,000 expect to hit the pension lifetime allowance limit.

Again this number jumps upwards with 63% of those earning £50,001 to £60,000 expecting to reach the pension lifetime allowance.

The survey of 2,003 adults in the UK also found that the raft of recent pension changes had dented the confidence of a quarter of Britons nearing retirement, with 26% nearing retirement saying they’re less confident their pension will give them a decent income.

Sleepwalking into a financial crisis

Simon Rogerson, CEO of Octopus Investments, said: “This research raises the danger of a ‘two tier’ approach to retirement planning where those that have a little more money will seek advice and invest for the future more effectively than others.

“Against this backdrop, people could be sleepwalking into a financial crisis in their later years. This would be a real shame as there is now the opportunity for everyone to take control of their financial future. The recent pension reforms make it important for everyone to access financial advice to make smart decisions and investments for their retirement.”

Rogerson adds those earning above £50,000 are more likely to consider alternative investments to support their retirement plans, such as Venture Capital Trusts, but with these available with a minimum £5,000 investment, they may be more accessible to savers.