Pensions  

Minority of savers turn to advice for retirement planning

He also warned people were vulnerable to scams in online searches.

The survey also found that not starting to save for a pension sooner was the biggest financial regret among 17 per cent of individuals.

Nearly a third (32 per cent) of non-retirees regretted not saving enough in general while 12 per cent said they sat on too much cash which they should have invested in the stock market.

Poor investment decisions was also a top financial regret among 17 per cent of individuals.

And while most savers said they wanted to pass on wealth to their family 70 per cent of retired individuals admitted they had not registered a lasting power of attorney, this increased to 88 per cent among the non-retired.

Moira O’Neill, head of personal finance at Interactive Investor, said: “This survey presents a more nuanced picture of what retirement (and the run up to it), looks like in Britain.

“It’s not just financial uncertainty, either – 70 per cent of retired respondents have no lasting Power of Attorney, which can wreck real havoc if unexpected health issues crop up. 

“Many of our retirement priorities take significant planning and, overwhelmingly, this research finds that peace of mind, not running out of money, and having enough money to leave behind to children are all top objectives.

"In other words, many want to have their cake and eat it – but it is women in particular who are more likely to be left with just the crumbs.”

To address these issues, Interactive Investor has proposed that more financial education should be introduced in schools so that people are aware of saving and retirement at an earlier age.

It also wants to see the auto-enrolment minimum age lowered to 18 as soon as possible as it criticised the government’s mid-2020 target as “lethargic" and risking "leaving a whole generation behind”, as well as a widening of the £10,000 earnings threshold.

amy.austin@ft.com

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