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Pensioners face harder struggle without advice

People are more likely to face financial difficulties in retirement if they have never sought independent financial advice, according to research by MGM Advantage.

MGM’s Retirement Nation survey, carried out by Opinion Matters, found that only 14 per cent of the 3,000 people surveyed had sought independent financial advice about their retirement.

Pensioners are four times more likely to have to work to make ends meet if they have never seen an IFA.

Eight per cent of retired people who had not used an IFA express “painful regrets” about their retirement compared with 3 per cent who had taken advice.

The survey also shows that around half of non-retired people are excited about retirement but this rises to two-thirds if they have used an IFA.

Respondents are twice as likely to understand the term annuity if they have had access to independent advice.

Chief executive Chris Evans says the results of the study highlight the contribution that financial intermediaries have made over the past 25 years to Britain’s quality of life in retirement.

He says: “We now know for certain that there is a direct link between financial security in retirement and seeking financial advice, even if you do not have a substantial nest egg. This is particularly encouraging for people who are convinced they have put too little aside or it is too late to start saving.”

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