Money
Putting off advice until decade before retirement could have ‘serious consequences’
Continuum has warned against people putting off seeking financial advice until the decade before their retirement, as it could have “serious consequences for their lifestyles in later life”.
The national independent financial adviser firm found that only 5% of 35–44-year-olds have sought advice from an independent financial adviser about their financial preparation for retirement.
This figure increased to 10% of 45- to 54-year-olds, and 21% for those over the age of 55.
Continuum said: “By this point (55+) those who have not sought advice could have missed out on many tax breaks and other opportunities designed to help Britons save for retirement.”
Research also found that half of Britons are not confident they will be able to have financial freedom when they stop work.
Continuum chartered financial planner Ben Alcock said: “Retirement may seem like a long way away in your 20s and 30s, with saving for later life rarely making it onto the top of your priority list. But starting saving sooner rather than later can really prove to be a wise decision.
“A good financial adviser can help you look past your short- and mid-term savings goals and look at the wider picture, but our research shows that very few Brits are consulting a financial adviser about their retirement plans until it is just around the corner.
“By waiting to take professional advice until the age of 55, Brits will already have missed many opportunities to boost their savings and may find they have to make lifestyle compromises in retirement as a result.”
The region that saw the highest number of UK adults consulting a financial adviser about retirement plans was the South of England (19%), followed by Scotland (18%) and the Midlands (17%).
The areas least likely to have consulted a financial adviser about later-life finances were those living in Wales (7%) and London (9%).
Married couples or those in a civil partnership are more likely to have consulted an adviser (18%) than their counterparts who were living together (10%), separated (12%) or single (10%).
Those who do not have children are more likely to have consulted an adviser (17%), than those with one child (10%), two children (7%), or three or more (8%).
To obtain these results, YouGov asked 2,067 adults online on behalf of Continuum.
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