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Half fear retirement shortfall

Almost half of consumers are not confident they have saved enough to live comfortably in retirement, according to research from the Institute of Financial Planning.

The IFP has published research on consumers’ attitudes to saving for the future and financial advice generally as part of its Financial Planning Week campaign, taking place this week.

Research carried out by YouGov on behalf of the IFP found that of 2,060 people polled, 47 per cent do not believe they have saved enough to provide them with a comfortable retirement.

Just under a third are contributing to a pension, while 14 per cent have never made any pension contributions.

One in 10 of the consumers questioned believe they will never be able to afford to retire, including 12 per cent of over 55s.

Only 4 per cent say they 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 says: “Yet again this year, our survey findings present a worrying picture for so many people who are facing an uncertain future yet are not taking appropriate steps to improve their financial situation.

“While accepting there are things that 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.”

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