Almost 4 in 5 retirees have not sought professional retirement advice

More than three quarters (78 per cent) of UK retirees have not sought any professional advice on their retirement plans, a survey by Abrdn has found.

Abrdn also revealed that 48 per cent of respondents admitted they were worried about potentially running out of money in retirement.

Looking into the reasons pensioners were not seeking advice, Abrdn reported that 31 per cent found the cost of advice was off-putting, whilst 19 per cent said they believed that only those with a lot of money can benefit from professional advice.

A further 16 per cent said they simply ‘cannot be bothered’ with the time and effort of seeking advice and 9 per cent say it was their lack of experience that put them off.

Abrdn financial planning expert, Shona Lowe, commented: “There’s a common misconception that financial advisers are reserved only for the wealthy – but this is simply not the case.

“Whether it be tax implications, managing ever-changing expenses, supporting loved ones or the current concerns about the rising cost of living, speaking to an expert can set you up for a better retirement both financially and emotionally.

“A key part of that emotional wellbeing comes from having taken control of both your own financial future and that of you loved ones, and having the right support as you decide what’s right for you.

“That’s why we would urge anyone approaching retirement to seriously consider seeking advice.

“A financial adviser can make your money work as hard as possible and allow you to focus on enjoying your retirement years.”

Abrdn also revealed disparity in those seeking advice by both region and gender, discovering that retired men were more likely to seek professional advice than retired women.

The research showed that 19 per cent of women in retirement have spoken to a professional financial adviser compared to 25 per cent of men.

Although women were less likely to seek professional help, they were found to be more likely to turn to people close to them as 8 per cent of women reported asking their partner, friends or family, compared to 6 per cent of men.

Abrdn’s research showed regional variations too, with retirees in the East Midlands the most likely to have sought advice on their retirement plans as 28 per cent reported taking advice, whilst retirees in Wales were the least likely at 16 per cent.

Lowe added: “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.

“Although there is a wealth of material available online, and speaking to those around you is often helpful, we want to encourage more people to consider the benefits that personalised financial and retirement advice could bring to them.”

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