Most consumers don’t have an adviser
These new findings from Britain’s inaugural UnretirementTM Index, which launched in July, provides a measure of consumers’ confidence, concerns and expectations that influence future retirement patterns for adults.
It follows similar studies which Sun Life Financial conducted in America, Canada and Hong Kong tracking workers’ attitudes and expectations about retirement.
The latest figures show that six in ten (60%) respondents thought they were better informed and more able to make financial decisions after engaging with an IFA, with four in ten (40%) experiencing improved confidence on financial matters.
One in five (21%) said that dealing with an IFA made them feel more confident about their retirement, whilst 14% said it enabled them to achieve goals they would otherwise not be able to.
Mark Stopard, head of marketing at Sun Life Financial of Canada, said: “The UnretirementTM 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 illustrate one possible cause and highlights 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.”