Nearly half of savers looking to plan their retirement prefer the idea of face to face advice rather than a digital solution, research by an IFP corporate member suggested.

The report by IRESS entitled Data, Disruption and the Digital Consumer found when it comes to planning how much to save for future retirement, 44% of consumers wanted the reassurance of meeting to discuss it with an adviser.
While 56% of people in the online survey had carried out a bank account transaction online, just 2% secured a retirement product solely via the internet.

{desktop}{/desktop}{mobile}{/mobile}

Some 42% of respondents with a household income of more than £60,000 were willing to pay for professional financial advice, though this fell to 25% of the nearly 2,200 adults surveyed overall.

Researchers said digital help was therefore to be seen as part of a 'menu' of advice options and there were online opportunities for efficiently delivering advice to a wider audience.

Simon Badley, managing director in the UK of IRESS, said: "Regulatory change and in particular the pensions freedoms have highlighted a need for access to financial advice but the solution will not be a 'one size fits all' approach.

"This research has shown that many consumers still want face to face advice when planning for retirement yet will happily make financial decisions online in other scenarios. The future is undoubtedly multi-channel."

The report found 80% of consumers surveyed conduct research before making a significant purchase or investment decision – but many were unlikely to implement to go ahead and buy a product without consulting other sources of information.

Just 2% secured a retirement product solely via the internet, 3% secured a mortgage while only 9% have invested in stocks, shares or funds.

Close to a third would feel comfortable securing a mortgage solely online or investing in stocks and shares or funds.

When asked which industry had embraced technology the most in the last five years, nearly a quarter (23%) stated retail, with music a distant second at 12%. Financial services scored lower, with 9%.

Nearly a quarter of people (23%) said they would like the ability to view their financial world – bank accounts, mortgages, investments, insurance – in one place.

Mr Badley said: "Digitalisation has meant the needs and demands of consumers has undergone a seismic shift in the last decade.

"Financial Services companies need to do more to match the consumer experience and engagement expectation and build more trust from the digital consumer.

"Without innovation from established companies, the industry will be more prone to disruption."