78% of retirees don’t seek advice on retirement plans

Feb 16, 2022

New research by abrdn reveals four in five (78%) retirees admit they have not sought any professional financial advice on their retirement plans.

Despite almost half (48%) admitting they are worried about potentially running out of money in retirement, barriers to seeking advice clearly still remain – alongside gender and regional differences highlighted by the research.

The research polled 2,000 UK retirees and found that despite almost half (48%) admitting they are worried about potentially running out of money in retirement, millions are not seeking help.

Almost a third (31%) said that they hadn’t spoken to someone because of the cost of advice, while a fifth (19%) said it is because they believe only those who have a lot of money can benefit from professional advice.

Meanwhile 16% say they simply “can’t be bothered” with the time and effort of seeking advice and one in ten (9%) say it’s their lack of experience that puts them off.

abrdn’s research also highlighted that a gender gap is evident in those seeking advice, with women less likely to seek advice on their retirement plans in comparison to men.

Less than a fifth (19%) of women in retirement have spoken to a professional financial adviser, versus a quarter (25%) of men. Female retirees are also less likely to contact their pension adviser with questions (9% of women versus 15% of men).

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

And there are regional variations too. abrdn’s research found that retirees living in the East Midlands are most likely to have sought advice on their retirement plans (28%), followed by those in the North West (24%) and South East (23%).

Retirees in Wales (16%) and in the North East (17%) are the least likely to have spoken to a professional finance adviser prior to retiring.

Original post: https://www.todayswillsandprobate.co.uk/main-news/78-of-retirees-dont-seek-advice-on-retirement-plans/

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