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Financial advice percentages

560 315 Eleonore Bylo

Attitudes of over 50s towards their pensions

  • 26% – Stated that they only started paying into their pension after they turned 30 years old
  • 49% – Regret not saving into their pension earlier
  • 64% – Wish they had contributed more into their retirement savings at an earlier stage

Taking professional Financial Advice is KEY

Worryingly, when over 50s  were asked about financial advice they said:

  • 70% – They have never sought professional financial advice regarding their pension
  • 30% – They feel they don’t know what they are doing and don’t need financial support
  • 10% – They rely on their family and friends for support and advice

However, after heading that they could add as much as £47,000 to their pension (over a decade) by taking professional financial advice, half of them say they would.

Source data: 1,034 UK adults over the age of 50 (retired and nonretired) interviewed between 31.01.2022-07.02.2022
[1] https://www.retirementlivingstandards.org.uk/news/retirement-living-standards-updated-to-reflect
[2] https://ilcuk.org.uk/”inancial-advice-provides-47k-wealth-uplift-in-decade/
[3] https://www.bbc.co.uk/news/business-42193251

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