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Pension advice sought close to home

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A report from Defaqto shows that many consumers still trust themselves and their family and friends for advice on retirement planning.

The research surveyed 1,000 consumers, of which 27% stated that they trust their own judgement when it comes to advice on planning for their retirement, 23% trust their friends and family and 12% trust their spouse/partner.

In terms of professional advice, 28% of consumers trust a financial adviser for retirement planning advice and 24% would trust their employers.

Author of the report Matt Ward, Defaqto’s principal consultant for pensions and wealth management, said: “The industry needs to find ways to build trust with the public and this will pay rich dividends in terms of both the amount of business generated as well as ensuring that people get the best advice in this vital area of their personal finances.”

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