Savers are more willing to pay a financial adviser for help with their pensions than any other area, a Scottish Widows report into workplace savings has revealed.
According to the study, published today, 30 per cent of people say they would be happy to pay for pensions advice, more than mortgages (24 per cent), cash Isas (17 per cent) and property (12 per cent).
Of those who already pay for advice, 38 per cent have discussed pensions with their adviser, the study found. Nearly half, 48 per cent, say guidance guarantee official partners TPAS and MAS are their first port of call for help with their pensions.
Scottish Widows says the Government should develop a retirement passport including “an agreed set of relevant retirement information – such as pension policy information, family circumstances, basic health information and retirement aspirations”.
“This could speed up the guidance process and reduce the costs of the handover to regulated financial advice: or indeed be the enrty point into a new lower cost focused or simplified advice route.” the provider adds.
The report, which surveyed over 5,000 adults, also found that auto-enrolment has boosted the number of people saving “adequately” for retirement to 53 per cent, the highest for five years, and up from 45 per cent last year.
Scottish Widows head of corporate pensions business development Lynn Graves says: “Auto-enrolment is designed to help shore-up the financial futures of groups that may not be in such a strong position to prepare adequately for retirement on their own – particularly lower income groups and younger people who are yet to establish the savings habit.
”In this respect, this year’s results are extremely encouraging as the reform is more widely understood and welcomed by these groups as it rolls out to a wider cohort of employees”