One in five (19%) consumers intended to seek advice for the first time to ensure they have a sufficient income for retirement, according to new research from AXA Wealth.
AXA’s wealth survey of 2,070 consumers, conducted by YouGov showed that a further 40% of UK adults were not confident managing their own finances to ensure they have sufficient income in retirement.
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The research findings revealed that a total of 16% of consumers who have sought professional advice in the past plan to do so again in the future, while 12% have sought advice before but do not intend to again.
The survey found that 45% of respondents have never sought advice in the past and have no intention of doing so in the future, while 7% say they do not know.
Axa Wealth managing director of specialist products Nick Elphick said: "One of the key drivers behind the RDR was to establish financial advice as a profession akin to solicitors or doctors and as a credible financial support network.
‘With increasing longevity and a background of low interest and annuity rates financial planning to help secure sufficient retirement income has never been so crucial. Financial advice can not only help to maximise investment decisions, but proper use of tax efficient savings vehicles can help to boost their overall income," Elphick added.
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By GlobalDataKaren Barrett, chief executive, unbiased.co.uk, said: "Seeking financial advice for your individual circumstances is an important step in taking control and preparing your personal finances, not just for the here and now, but also for the longer-term.
"Getting more people engaged in the financial advice process is key to tackling some of the nation’s biggest finance problems such as the retirement, savings or protection gap.
"The important thing for consumers is that they should seek help from a financial adviser for finance matters. Consumers can carry out a free and confidential search for an adviser on unbiased.co.uk, which lists details of over 15,000 whole of market financial advisers," Barrett added.
