Retirees fail to seek professional advice
Global investment company abrdn have conducted a survey that found that almost four out of five retirees fail to seek professional advice in respect of their financial plans.
The survey questioned 2,000 retirees in the UK. It found that 78% of retirees fail to seek professional advice from financial experts as to how to manage their retirement. Nearly half (48%) also said that they were concerned about running out of money in retirement.
Three in ten (31%) said that their reason for failing to seek advice was because of the potential cost. A further 19% said that it was because they believed that professional advice only benefitted the wealthy.
16% said that they simply couldn’t be bothered to put in the necessary time and effort to seek advice. A lower percentage of 9% said their lack of experience was holding them back.
Differences between genders in seeking retirement financial advice
The abrdn study also found a gender gap, with only 19% of women having spoken to a professional financial adviser as opposed to 25% of men.
Women were also less likely to contact their pensions adviser to ask questions (9%) than men (15%).
Women were more likely to ask their partner, friends or family for advice (8%) than men (6%), but less likely to search online for advice (6%) than men (10%).
As well as gender differences, the research also uncovered a disparity between regions. Those in the East Midlands were most likely to have taken professional financial advice in respect of their retirement plans (28%). Following these were those in the North West (24%) and the South East (23%).
Those least likely to ask for professional help were in Wales (16%) and the North East (17%).
The importance of expert help
Financial planning expert at abrdn, Shone Lowe, said, “It’s alarming to see gender disparity and regional variations when it comes to seeing who is seeking advice on their retirement. As an industry we have a duty to change this by making advice accessible and demonstrating its value.”
Advice from a pensions expert can be key in maximising the benefits of your pension fund.
As well as seeking advice in respect of retirement planning, it is also advisable to ensure that you have a valid Will. A valid Will can ensure your estate is structured in a way that protects your assets for future generations.
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