The equity release trade body questioned 1004 people and found 9 per cent had met with an IFA only once, 4 per cent had taken advice from a bank and 6 per cent had taken advice through their employer.
Almost 40 per cent of people hope to maintain their current living standard into retirement while over 10 per cent expect to exceed it. Three quarters of those questioned intend to manage their retirement finances themselves, without seeking advice from an IFA.
Ship says most people plan to fund their retirement with some form of pension. Twenty-three per cent said they had a pension but it would not be enough for them to retire on and 35 per cent had no regular pension at all.
Fourteen per cent had never heard of equity release while 9 per cent of people wrongly identified it as a remortgage and 32 per cent thought it was a form of sale and rent-back.
Director general Andrea Rozario says: “It is interesting to note that although 73 per cent of Britons consider that they are responsible for their own retirement finances, so few are regularly consulting financial advisers to ensure that they are making the most of their money.
“The findings show that without consulting an IFA, consumers are likely to miss out of the full spectrum of retirement planning products.”