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Benefits of receiving financial advice research

17 March 2017

Research shows benefits of taking advice about retirement planning

Chase de Vere has conducted research on a cross section of 1,500 private sector employees to understand the benefits of them taking professional financial advice on their pensions and retirement choices.

We wanted to see if there was a clear difference in the expectations, actions and confidence of those who have taken financial advice compared with those who haven’t.

The key findings were:

  • How confident are you that you will be able to retire when you want?

  Have taken financial advice Not taken financial advice
Very confident 21% 8%
Quite confident 37% 22%
Neither 19% 26%
Not very confident 13% 23%
Not at all confident 10% 21%

 

The benefits of taking financial advice seem evident with 58% of those who have taken advice confident they’ll be able to retire when they want, compared with 30% of those who haven’t taken advice.

  • When was the last time you increased the amounts you pay into any of your pensions?
  Have taken financial advice Not taken financial advice
In the last year 24% 13%
In the last 2 years 21% 9%
In the last 3 years 11% 5%
More than 3 years ago 14% 8%
I have never increased my pension payments 30% 65%

 

Those who have taken financial advice are far more likely to have increased their pension contributions and so should be in a better position in terms of their retirement planning. We found that 56% of those who have taken advice have increased their pension contributions in the past three years compared with just 27% of those who haven’t taken advice.

More concerning is that 65% of those who haven’t taken financial advice have never increased their pension contributions.

  • How confident are you in your knowledge of how a pension works and of the pension rules?
  Have taken financial advice Not taken financial advice
Very confident 13% 4%
Quite confident 45% 20%
Neither 26% 33%
Not very confident 12% 26%
Not at all confident 4% 17%

 

Of those who have taken financial advice, 58% have some confidence in their pension knowledge, compared with just 24% who haven’t taken advice.

Stephen Kavanagh, Chief Executive, Chase de Vere says:

"Our research overwhelmingly shows that receiving financial advice on pensions and retirement planning helps people to be better prepared for their own financial futures. Those who received advice were more confident that they’ll be able to retire when they want, more likely to increase their pension contributions and have better knowledge of how pensions work".

"Pension planning can be complicated and yet many people are being encouraged to make their own retirement planning decisions, or to do so after receiving only generic information or guidance. However, it is clear that people do benefit hugely from taking professional financial advice".

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