Seven out of 10 pension savers have not spoken to a financial adviser about their future retirement plans, according to new research from Canada Life.
However, the insurer found that many savers said they recognised the potential benefits in getting financial advice, with one in two adults (49 per cent) saying would consider this action in future. The survey found that making a significant financial decision was most likely to trigger people to seek advice — this included buying a property (16 per cent), retirement (14 per cent). saving or investing money (14 per cent).
Respondents also said they would seek advice following a change in family circumstances, with 11 per cent saying they would speak to an adviser following a death in the family, and 10 per cent after starting a family.
Canada Life says this research comes ahead of the forthcoming Pensions Awareness Week, an industry-backed even designed to raise awareness about pension planning and encourage people to seek information, guidance and advice about future retirement plans.
In order to promote the benefit of getting proper advice Canada Life has teamed up with NextWealth to give a live-streamed to to consumer about financial advice around retirement planning.
Canada Life head of investment proposition, wealth Shelley Greenwood says: “As an industry we know the importance and value of seeking financial advice, but often customers try to navigate the complex world of savings, investing and pensions through a DIY approach that may not be in their best interests.
“We are hoping to dispel some of the myths around financial advice, to support consumers to better understand their personal needs and meet their objectives, through the participation in Pension Awareness Week.”
