Only one in five take pre-retirement advice
Prudential has found that fewer than one in five people (19 per cent) planning to retire in 2010 took pre-retirement advice from a financial adviser.
Prudential’s class of 2010 report also found that more than one in three people (35 per cent) took financial advice from friends and one in four from the internet, newspapers and magazines.
But fewer than one in 10 people who did their own research from newspapers, magazines or the internet, went on to seek professional financial advice.
Vince Smith-Hughes, head of retirement income at Prudential, said: "There’s no doubt that the internet and all the various personal finance magazines and newspapers provide a wealth of useful information for people planning their retirement.
"But if people rely solely on this information to make a financial decision, it could lead to serious misdiagnosis and people could end up making irreversible decisions which leave them financially disadvantaged.”
The report shows that men are more inclined to consult a financial adviser than women, 22 per cent compared to 15 per cent, while more women than men tend to seek advice from friends/family and newspapers, magazines or the internet 38 per cent compared to 32 per cent.
