Record numbers of non-retired people are looking to their employers for advice on retirement planning, with 13 per cent of employees wanting advice through the workplace this year, compared to 7 per cent in 2013.
The research, carried out by Baring Asset Management, also found that 14 per cent of respondents said they think it is the responsibility of their employer to ensure that they fully understand the asset allocation of their pension fund – up from 13 per cent in 2014 and ranked third overall after ‘their own responsibility’ which polled 56 per cent, and their ‘pension provider’ which scored 22 per cent.
Overall, financial advisers remain the most significant source of advice for retirement planning, cited by 27 per cent of respondents, up from 21 per cent in 2013. A fifth – 20 per cent said they were most likely to go to a bank or building society, up from 14 per cent in 2014. One in five said they do all their financial planning themselves.
Baring Asset Management head of EMEA wholesale distribution Rod Aldridge says: “Once again our survey shows more people relying on their employer for financial advice – an indication of the central role our work plays in our lives and its role as an increasingly significant distribution challenge. It is also very encouraging that IFAs continue to be key as the importance of independent advice remains fundamental to effective financial provision in retirement.”