Almost one third (31 per cent) of savers either don’t know where to go for retirement information or won’t accept support, according to research by Hargreaves Lansdown.
The research, which was conducted by Opinium on behalf of Hargreaves Lansdown in May 2023 and surveyed 1,500 people, detailed that 16 per cent of respondents didn’t know where to go for retirement information and a further 15 per cent said they wouldn’t seek any kind of support.
The percentage of people who won’t seek support in the run up to retirement increases to 26 per cent for those respondents over 55.
Hargreaves Lansdown head of retirement analysis, Helen Morrisey described the statistic as “a huge issue that can put our retirement planning at risk”.
Of the respondents who said that they would seek advice, 30 per cent either have an ongoing relationship with an adviser (14 per cent) or would seek regulated financial advice in the run up to retirement (16 per cent).
It was also discovered that 30 per cent of respondents said they would go to family and friends when making financial decisions about their retirement which was the most popular single choice.
Morrisey warned that there are risks with talking to family.
“If they are very knowledgeable then this might work out, but the chances are the gaps in their knowledge mean you aren’t getting the whole story and you risk making mistakes," she said.
“It’s important that if you are consulting family and friends, it is part of a wider planning strategy that includes other areas such as regulated financial advice or guidance services such as Pension Wise or services through the workplace.”
Pension Wise proved popular with over a quarter (27 per cent) of people saying they would use it.
Morrisey added: “Planning appropriately has an enormous impact on how and when you retire. It covers everything from how much you contribute to how you structure your retirement income.
“You could be retired twenty years or more so it’s vital you do not leave this to chance and take advantage of the support on offer.”
tom.dunstan@ft.com
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