View more on these topics

Advisers see gloomier outlook on retirement

Aegon says IFAs have valuable perspective on client needs that should influence future legislative change.

Over 70 per cent of IFAs believe people are resigned to a significant reduction in their standard of living in retirement.

Aegon’s third IFA Insights survey also finds that 76 per cent of IFAs think people are prepared to work longer before taking their pension.

Eighty-eight per cent expect the average retirement age to rise significantly in the next 10 years and the same percentage believe more people will be unable to retire at the age they want to retire. The survey finds 93 per cent of advisers think confidence in pensions has decreased significantly and many people are looking for other means of investing for the future.

Ninety-one per cent say Government U-turns are damaging confidence in pensions and 84 per cent expect equity-release products to become more popular in the next 10 years with the same percentage saying parents will be expected to support their children for longer.

Director of risk and regulation Graham Dumble says: “IFAs can bring to the debate a valuable perspective on the changing needs of their clients as we work together to influence the shape of future legislation. The results of this research show British people are heading for a sharp wake-up call in retirement planning.

“Unless they are prepared to accept a significant fall in their standard of living in retirement, they will have to save more or work longer. Fewer will be able to rely on inheritance.”


Bond ambition

Platforms are helping to bring much needed transparency to offshore bonds.

Back to basics

Generic advice needs to concentrate on teaching financial skills rather than product recommendations.

Peter Hales joins Skipton board

Peter Hales has joined the board of Skipton Building Society as a non-executive director. Hales was previously sales and marketing director at Norwich Union and chaired the Chartered Insurance Institute’s faculty of life and pensions. He also sits on the board of Just Retirement and is a member of the Accenture insurance advisory board. Hales […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm