30% either have an ongoing relationship with an adviser (14%) or would seek regulated financial advice in the run up to retirement (16%).
Pension Wise also proved popular with over a quarter (27%) of people saying they would use it.
One in six (16%) said they would receive support from the workplace.
Survey of 1,500 people carried out by Opinium on behalf of HL in May 2023. Participants selected all options that apply.
Helen Morrissey, Head of Retirement Analysis at Hargreaves Lansdown: “We are faced with many major decisions as we approach retirement and it’s vital we seek out appropriate support to help us make the right decisions. However, there’s a gaping chasm when it comes to accessing this support with almost one-third of people either opting against accessing further support or not knowing where to get it. Worryingly, over a quarter (26%) of over 55s said they wouldn’t seek support in the run up to retirement - it’s a huge issue that can put our retirement planning at risk.
Of those who do opt for more support, family and friends are the top choice, with almost one-third of us turning to our nearest and dearest. If they are very knowledgeable then this might work out, but the chances are the gaps in their knowledge mean you aren’t getting the whole story - and you risk making mistakes. It’s important that if you are consulting family and friends, it is part of a wider planning strategy that includes other areas such as regulated financial advice or guidance services such as Pension Wise or services through the workplace.
When it comes to financial advice, one in seven (14%) said they had an ongoing relationship with a financial adviser, while a further 16% said they would access an adviser as they got close to retirement. Guidance services such as Pension Wise also featured - with 27% saying they would use one. The workplace also has an important role to play with 16% of people saying they receive support and education through work and it is highly likely that these services too will heavily promote the importance of seeking guidance or regulated financial advice.
Planning appropriately has an enormous impact on how and when you retire. It covers everything from how much you contribute to how you structure your retirement income. You could be retired twenty years or more so it’s vital you do not leave this to chance and take advantage of the support on offer.”
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