Three in four retirees ‘have not sought professional financial advice’

Nearly half (48%) of retirees are worried about running out of money in old age, a survey has found.

But more than three-quarters (78%) have not sought any professional advice on their retirement plans, according to the research from investment company abrdn.

Less than a fifth (19%) of women have spoken to a professional financial adviser, compared with a quarter (25%) of men, the survey of 2,000 retirees across the UK found.

Female retirees are also less likely to contact their pension adviser with questions, with 9% of women having done so compared with 15% of men.

Women are more likely to turn to their partner, friends or family for advice than men, at 8% versus 6%, but less likely to search for answers online at 6% of women compared with 10% of men.

Nearly a third (31%) of retirees said they have not spoken to someone because of the cost of advice, while a fifth (19%) said it is because they believe only those with substantial assets can benefit.

Shona Lowe, a financial planning expert at abrdn, said: “Whether it be tax implications, managing ever-changing expenses, supporting loved ones or the very current concerns about the rising cost of living, speaking to an expert can set you up for a better retirement both financially and emotionally.”

The research also found that retirees living in the East Midlands are the most likely to seek advice on their retirement plans (28%), followed by those in the North West (24%) and South East (23%) of England.

Retirees in Wales (16%) and in the North East (17%) of England are the least likely to speak to a professional finance adviser before retiring.