Less than 10 per cent of those on the average UK salary have paid for financial advice as part of their retirement planning, according to data from the Institute and Faculty of Actuaries.
The Institute surveyed 1,380 people in the UK as part of its Retirement Readiness report and found 10 per cent of people earning £30,000 have paid for financial advice.
The average UK salary in the UK in October 2017 was £26,520. At that level, the data showed fewer than 10 per cent had paid for advice.
While 10 per cent of respondents earnings £30,000 had paid for financial advice for retirement, the percentage declines in the next income brackets and doesn’t reach 10 per cent again until reaching the cohort who earn over £60,000.
The research found one in five UK adults had no savings or plans to save for retirement while less than half had actually started saving or preparing for retirement.
It also found a significant gap in the level of retirement planning between men and women in the level of preparedness for retirement.
While just less than 50 per cent of men in the UK are preparing for the risk of running out of money in retirement, less than 40 per cent of women have prepared for retirement.