Only 8 per cent of people regularly seek advice from an IFA on retirement planning while 32 per cent turn to the internet for guidance.
Safe Home Income Plans questioned 1,004 people and found 9 per cent had met with an IFA only once, 4 per cent had taken advice from a bank and 6 per cent had taken advice through their employer.
Almost 40 per cent of people hope to maintain their current living standard into retirement while over 10 per cent expect to exceed it. Seventythree per cent intend to manage their retirement finances themselves, without seeking advice from an IFA.
Ship found 23 per cent of people said they had a pension but it would not be enough for them to retire on and 35 per cent had no pension at all.
Fourteen per cent had never heard of equity release while 9 per cent of people wrongly identified it as a remortgage. Thirty-two per cent thought it was a form of sale and rentback.
Director general Andrea Rozario says: “It is interesting that although 73 per cent consider they are responsible for their own retirement finances, so few are regularly consulting financial advisers to ensure they make the most of their money.
“Without consulting an IFA, consumers are likely to miss out of the full spectrum of products.”
LV= head of equity release Vanessa Owen says: “The recession has had a big impact on the personal wealth and pension pots of over-50s but for many their home is still a big part of their retirement income plans.
“Anyone considering releasing equity from their homeshould make sure they seek specialist advice.”
IFA Life founder and chief executive Phil Calvert says: “The internet is not a threat to IFAs unless they ignore it. It is actually a superb opportunity, they just need to grab it and put some effort into making their internet presence much more appealing and relevant to today’s consumers.”