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78% admit to not seeking advice on retirement plans

Posted on 16th February 2022 in Probate & Wills, Later Life Planning

Posted by

Sue Halfyard

Partner & Chartered Legal Executive
78% admit to not seeking advice on retirement plans

New research by abrdn reveals four in five (78%) retirees admit they have not sought any professional financial advice on their retirement plans.  Almost half of that number admit that they have concerns about potentially running out of money in retirement.  2,000 UK retires were polled.  The research indicates that millions of people are not seeking help.  It appears that barriers to seeking advice clearly still remain.

Of the number polled almost a third reported that they had not seeked advice because of the cost, while a fifth reported that they felt advice would only benefit people who have a lot of money can benefit from professional advice.

Meanwhile 16% stated that they simply could not be bothered with the time and effort of seeking advice and one in ten said their lack of experience that puts them off.

Abrdn’s research also revealed that women are less likely to seek advice on their retirement and went on to report that women are more likely to ask partners, friends or family for advice.

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