View more on these topics

Better lifestyle for retirees who seek financial advice

Consumers who take financial advice are likely to maintain a better standard of living in retirement.

Research by Fidelity found that 70 per cent of retired consumers who had taken advice did not have to cut back on their lifestyle and spending habits while 60 per cent of those who did not take advice were forced to limit their spending.

Fidelity surveyed 1,141 people and found that 75 per cent of respondents had not consulted an adviser for retirement planning advice.

Thirty per cent of people who used an adviser had a retirement fund worth £50,000 or more compared with 15 per cent of those who did not seek advice.

President of institutional business Simon Fraser says: “Our research has highlighted the worrying fact that only a quarter of people are switched on to the significant benefits of seeking financial advice now in order to prepare for old age.

“The sooner people start to save, the more the potential value of their investment. One pound invested in a pension at age 25 has the potential value by age 60 of £7.88 compared with just £3.37 for savers who started at age 40.”

Recommended

Skandia boosts Old Mutual profits

Old Mutual released the first set of results since its acquisition of Skandia which saw sales of life and pension products more than double to £732m on an annual premium equivalent basis.The acquisition of Skandia by Old Mutual was completed in February 2006 and this boosted the provider’s operating profit by 39 per cent from […]

Investec shuns equity income

Investec Asset Management managing director David Aird says the firm will not try to compete in the equity income sector and is focusing on expanding its cautious managed and global equities funds. Investec has 26 UK funds but none in the highly competitive equity income sector but Aird says the cautious managed fund run by […]

Europe 2017: Value, large-caps & liquidity

Joshua Ausden, Head of Client Investment Strategy, Neptune Read more here Important Information – for Investment Professionals Only. Not for Retail Clients.Investment risksNeptune funds may have a high volatility rating and past performance and forecasts are not a guide to future performance. These are Neptune’s views and as such this document is deemed to be […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    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

    Email: customerservices@moneymarketing.com