Londoners among least likely to take retirement advice

Friday, 13 September 2024 11:12

Many people in London and Wales fail to take professional financial advice on their retirement plans

Londoners are among the least likely people in the UK to seek retirement planning financial advice with just 9% stating that financial advisers have been their main source of retirement advice compared to 18% in Scotland.

Wales had the lowest level of people seeking retirement advice in the UK at just 7%.

The region which saw the highest number of adults consulting a financial adviser about retirement plans was the South of England (19%), followed by Scotland (18%) and the Midlands (17%), according to a new survey.

The survey, carried out for national IFA Continuum, found that many Britons were potentially missing out in retirement due to leaving it too late to seek professional financial advice on their later life finances.

The study has been released to mark Pensions Awareness Week this week.

The survey of more than 2,000 UK adults revealed 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.

Those who are married or in a civil partnership were more likely to have consulted a financial adviser (18%) than their counterparts who were living together (10%), separated (12%) or single (10%).

What has been your main source of financial advice for planning your retirement?

	North	Midlands	East	London	South	Wales	Scotland	Northern Ireland
Financial adviser	13%	17%	13%	9%	19%	7%	18%	15%
Online resources	15%	11%	10%	15%	15%	9%	12%	15%
Friends and family	8%	6%	10%	12%	8%	9%	5%	9%
Colleagues/employer	8%	8%	10%	7%	9%	5%	8%	10%
Books/magazines	1%	1%	0%	1%	1%	2%	1%	0%
Other	2%	4%	4%	4%	2%	6%	2%	0%
Not sought advice	51%	50%	50%	52%	42%	62%	54%	52%

Source: Continuum

The figures come a month after research from Continuum found that half of Britons were not confident they would be able to enjoy financial freedom when they stop work.

Ben Alcock, Chartered Financial Planner at Continuum, said: “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.”

• Figures from YouGov Plc. Total sample size was 2067 adults. Fieldwork was undertaken between 28 - 30 June 2024. The survey was carried out online on behalf of Continuum. The figures have been weighted and are representative of all UK adults (aged 18+).