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Consumers trust family and friends for advice on retirement planning

Defaqto’s Retirement Savings and Income Report 2007 shows that many consumers still trust themselves, their family and friends for advice on retirement planning.

Defaqto’s research shows 27 per cent of consumers trust their own judgement when it comes to advice on planning for their retirement, 23 per cent trust their friends and family and 12 per cent trust their spouse or partner.

In terms of professional advice, the research shows that overall 28 per cent of consumers trust a financial adviser for retirement planning advice and 24 per cent trust their employers.

Defaqto’s principal consultant for pensions and wealth management Matt Ward says the industry needs to find ways to build trust with the public.

He says: “This will pay rich dividends in terms of both the amount of business generated as well as ensuring that people get the best advice in this vital area of their personal finances.”

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