Nearly two-thirds delay seeking retirement advice until after age 46

The majority of UK consumers aspire to retire at age 65, yet nearly two-thirds (64%) say they intend to wait until after the age of 46 before seeking retirement planning advice, new research from Iress shows.

Whilst saving for retirement is widely considered one of life’s most important financial goals, just over one-third (37%) of respondents are confident they will be able to retire at their preferred age.
 
When asked about financial advice, just 11% of respondents said they had taken guidance from a financial adviser. 
 
Among those who intend to seek advice, nearly two-thirds 64% plan to wait until after age 46, while a further 33% say they may seek it in future. This suggests many consumers are postponing advice until later in their retirement journey, when they have less time to benefit from long-term financial planning and investment growth.
 
The research highlights a significant opportunity for advisers to engage consumers earlier in their retirement journey. Earlier engagement could improve understanding of retirement savings, compound growth and tax-efficient investment, increase confidence and give consumers more time to make decisions that support long-term financial outcomes.

CEO of Iress UK, Alistair Morgan, said: “Retirement is one of the biggest financial goals most people will ever have, yet our research suggests many are approaching it without the confidence or knowledge they need. There is a clear gap between when people hope to retire and how confident they are that they’ll actually achieve it. 

"What’s particularly striking is how long many people plan to wait before seeking professional advice. The earlier people begin planning, the more options they’re likely to have, and the greater the impact those decisions can have over time. For advisers, that represents a significant opportunity to engage clients earlier and help them build stronger, long-term retirement outcomes.”