Majority of over 65s have never taken advice

Nearly one in five (19%) of 65 and overs believe that they will not be financially secure throughout their whole retirement, while almost a quarter (24%) stated that their current financial situation is worse than they thought it would be aged 45.

31% of people surveyed who are still working have continued to do so past the age of 65 because they simply don’t think that their pension pots will give them a good enough income in retirement.

Patrick Stannah, Managing Director, said:

“Successfully planning a comfortable retirement is a hard task, so it is deeply concerning that less than half of over 65s are taking any advice at all.

"Now that people have a wider range of choices for their finances in retirement, it is essential that everyone gets to grips with their pension options now, so that they avoid financial worries in later life.”

Amanda Barnett, an IFA specialising in pensions, added:

“The pension changes that were introduced last year have really revolutionised options for pensioners. However, it is worrying that so few people are properly informed about how they could be affected.

“I think that much more needs to be done to help people best manage their finances in retirement, or else we will see a huge amount of people struggling to fund their lifestyle in old age.”