The cost of most financial advise has also remained unchanged from last year, despite the complications of the new pension freedom rules, the study by adviser search website, unbiased.co.uk, found.

The median hourly rate charged by advisers is now £150, unchanged from 2014 and a drop of 14 per cent compared to 2013.

The cost of pension advice has, however, increased. Advice on a £200 monthly pension contribution has risen from £500 in 2014 to £580 and advice on converting a £100,000 pension fund into a lump sum annuity has gone from £1,500 to £1,750.

The findings found that people who had taken financial advice saved on average £71 more per month than non-advised savers.

They also revealed that a £200-a-month advised pension contribution starting at age 25 could earn an extra £34,300 compared to a non-advised contribution, a 5,813% return on the initial cost of advice.

Karen Barrett, chief executive of unbiased.co.uk, said: “It’s important not to underestimate the additional benefits of advice, such as time savings, confidence and peace of mind. Our research has shown time and again that seeking professional advice sooner rather than later is the most game-changing factor when it comes to planning for retirement.”