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Financial advisers ‘more trusted than internet’

Financial advisers ‘more trusted than internet’

The over-55s trust advice from financial advisers above all other sources, according to research by Retirement Advantage.

In late November and early December, the provider surveyed 610 people over the age of 55 who hold private pensions, finding that 42 per cent identified financial advisers as a trusted source of advice.

Just over a third picked internet research as a trusted source of financial advice.

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By contrast, respondents were almost three times less likely to name their spouse as a trusted source of financial advice (13 per cent) than internet research.

Professional relationships such as accountants or solicitors (21 per cent) and friends or relatives (21 per cent) also ranked highly as trusted sources of advice.

Research from Boring Money recently concluded that 8.4m 34 to 44-year-olds are not taking financial advice, with only 10 per cent holding a stocks-and-shares Isa.

Andrew Tully, pensions technical director at Retirement Advantage, said the research supports the view that retirees are making sensible decisions about how to access pension pots.

He said: “We know that many people are waiting for pension providers to respond to the changes with the introduction of products that allow them to use the full potential of the new freedoms.

“Finding the right solution to balance certainty and flexibility will require help from a professional financial adviser.”