Three in four retirees ‘have not sought professional advice’

Nearly half (48%) of retirees are worried about running out of money in old age, a survey has found.

But more than threequarters (78%) have not sought any professional advice on their retirement plans, according to the research from investment company abrdn.

Less than a fifth (19%) of women have spoken to a professional financial adviser, compared with a quarter (25%) of men, the survey of 2,000 retirees across the UK found.

PARTNER ADVICE

Female retirees are also less likely to contact their pension adviser with questions, with 9% of women having done so compared with 15% of men.

Women are more likely to turn to their partner, friends or family for advice than men, at 8% versus 6%, but less likely to search for answers online at 6% of women compared with 10% of men.

COST OF HELP

Nearly a third (31%) of retirees said they have not spoken to someone because of the cost of advice, while a fifth (19%) said it is because they believe only those with substantial assets can benefit.

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

COUNTRY SPLIT

The research also found that retirees living in the East Midlands are the most likely to seek advice on their retirement plans (28%), followed by those in the North West (24%) and South East (23%) of England.

Retirees in Wales (16%) and in the North East (17%) of England are the least likely to speak to a professional finance adviser before retiring.