More than three quarters of consumers have no financial adviser and 86 per cent of UK adults have no written financial plan for retirement, according to Sun Life Financial of Canada’s Unretirement Index.
The firm surveyed 1,241 adults, following similar studies in America, Canada and Hong Kong, to track workers’ attitudes and expectations about retirement.
The research shows 60 per cent of respondents thought they were better informed and more able to make financial decisions after engaging with an IFA with 40 per cent experiencing improved confidence on financial matters.
One in five people said consulting an IFA made them feel more confident about retirement while 14 per cent said it enabled them to achieve goals they would otherwise not be able to.
Head of marketing Mark Stopard says: “The Unretirement Index has already identified a lack of optimism in Britain. It also shows that the level of optimism in Britain is lagging behind America and Canada. These latest figures highlight the difference independent financial advice can make to long term financial planning and optimism towards retirement.
“Retirement policy is currently very near the top of the political agenda and with proposed changes providing more choice for consumers and advisers, there exists a major opportunity for advisers to capitalise on the increasingly flexible solutions that are available through providing considered advice.
“Consumers, on the other hand, need to seek professional advice to ensure they are making the most of their assets and take advantage of any legislative change from which they may benefit.”