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Consumers should know difference

Re the articles in last week’s MM headlined, Just 31% of public say they’ll pay for advice, and, 95% of staff want advice on retirement, leaving aside the old Spike Milligan adage that 74.3 per cent of statistics are made up on the spot, what are we to read into these numbers?

Could it be that only 31 per cent of the 95 per cent of employees are prepared to pay for advice? I wonder how the others think they are going to get the advice that clearly they think they need.

Perhaps they think it should be for free. Perhaps they don’t really want advice but, as the Scottish Widows’ workplace pensions report states, they want “general information on their retirement savings options”.

I really do think that it is time we made sure the consumer understood that information, guidance and advice are entirely different things and that while the first two might well be available free, advice is valuable and needs to be paid for.

Nick Bamford
Chief executive
Informed Choice

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