Sofa has launched a research programme to investigate whether consumers taking financial advice have a genuine understanding of their own life expectancy.
It believes since life expectancy has increased significantly in the last 20 years consumers planning for retirement may not understand they may need live longer than anticipated and thus require more savings.
Sofa is seeking members to help gather raw data.
Sofa managing director Bob Bullivant says: “By asking our members to question their clients Sofa will be able to assess the views of consumers at the point of taking advice and in sufficient numbers to make the research reliable. This research will inform the industry as to the extent of any gap in perceived and actual life expectancy and will enable us to assess any implications for the advice process.”