People who take financial advice are more likely to have saved enough to fund their retirements than those who take no such advice, Ian Wilkins has said.
The head of Franklin Templeton UK said: “Taking advice on retirement planning is likely to establish greater confidence among savers that they are taking the right steps to ensure their savings will convert into an income stream to see them through retirement.”
A survey of 2,000 people by the global investment management firm, Retirement Income Strategies and Expectations, showed that 54 per cent of those currently taking advice felt they had saved, or are saving, enough for retirement.
According to the survey, 16 per cent of those were experiencing moderate or significant stress levels around their retirement savings, compared with 23 per cent overall.
Of those not seeking financial advice, 68 per cent said they did not feel the need, 31 per cent said costs were a major concern, and 15 per cent cited a lack of trust in advisers.
Adviser View
Yvonne Goodwin, managing director at Leeds-based Yvonne Goodwin Wealth Management, said: “The pension freedoms are the wake-up call that many need to properly budget for retirement and realise the importance of effective financial planning.
“The survey shows that people who properly consider their retirement income needs, and how best to achieve them, are the ones feeling much less stressed as they approach retirement.”
