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Consumers fear inadequate retirement savings

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Almost half of UK consumers are not confident they have saved enough to live comfortably when they retire, research from the Institute of Financial Planning shows.

The IFP has published research into consumers’ attitudes to saving for the future and towards financial advice generally as part of its Financial Planning Week campaign.

Financial Planning Week, taking place this week, is now in its fourth year and aims to raise awareness among consumers about the importance of financial planning.

Research carried out by YouGov on behalf of the IFP found that out of 2,060 consumers polled, almost half do not believe they have saved enough to provide them with a comfortable retirement.

Just under a third were currently contributing to a pension, while 14 per cent had never made any pension contributions.

One in ten of consumers questioned believe they will never be able to afford to retire, including 12 per cent of over 55s.

Worryingly only 4 per cent of those polled would go to an adviser for help with their finances, and 27 per cent could not think of any benefits of using a financial adviser.

IFP chief executive Nick Cann (pictured) says: “Yet again this year, our survey findings present a worrying picture for so many people who are facing an uncertain future yet not taking appropriate steps to improve their financial situation. 

“Whilst accepting there are things consumers can do themselves, the services of a professional financial planner are invaluable to help the consumer get the context that they need when planning their finances, and their lives, effectively.

“We can see many adviser firms will be struggling to meet the requirements of the RDR which makes it even more important to ensure consumers are able to find the right firm for their needs and one that is still going to be around in 2013.”  

Through the financial planning week website, consumers will be able to put questions to certified financial planners.

The website will also feature a do-it-yourself guide to financial planning written by former IFP president Jane Wheeler, a cash flow forecasting calculator from Prestwood Group, and a risk profiling tool from Finametrica.

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