More than one in four pension savers (28%) nearing retirement say they have seen a financial adviser or wealth manager in the past or do so currently, according to new research.

The research contradicts recent surveys by the FCA which suggest only 9% of consumers have consulted an adviser.

The findings imply that many millions more people have consulted a financial adviser at some point in their retirement journey than believed, although many may not have pursued this engagement over the long term.

The new research from behavioural finance experts, Oxford Risk suggests, however, that few pension savers are making the best use of the advice.

Worryingly, about 41% (two in five) admit they rarely, if ever, review their retirement financial plans either with or without the support of a financial adviser.

Some 14% review their financial plans more than once every six months and another 14% review them once every six months. Around a quarter (26%) review their retirement plans once a year and 5% say they review them only once every two years.

Nearly three out of four (73%) who review their savings at least once every six months say they have “clarity” on their savings options. Of those who review less frequently than once a year, just 26% feel like they have clarity, and 44% of respondents who rarely, if ever review, have no clarity on their savings options for retirement.

When asked if they’d prefer to leave behind a financial legacy for friends or family, or maximise their income during retirement, around two thirds (62%) surveyed said they would prefer to maximise their income during retirement. Of these, 32% said they’d definitely prefer to do this.

Less than one in five (18%) said they would prefer to leave behind a financial legacy for friends or family, and of these just 8% said that they would definitely prefer to do this. Around a fifth (20%) were undecided about what they would prefer to do.

Dr Greg Davies, head of behavioural finance at Oxford Risk, said: "Our research reveals that many over-55s nearing retirement are proactively seeking financial advice to optimise their investments. Those who regularly review their retirement plans are not only more informed about their savings but also better equipped to convert them into income that meets their goals.”

He said that with today’s complex retirement landscape post the introduction of Pension Freedoms in 2015, he believes personalised financial advice is “essential.” He said the company had seen a “surge” in demand for tailored guidance.

The wealth management-focused fintech helps to measure advised clients’ risk tolerance.

• Research was conducted by independent research company Viewsbank among 1,011 UK adults aged 55-plus between 19 and 22 April.