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Seven out of ten people never seek financial advice for retirement

According to new research from life insurer Zurich, pensioners are being forced to delay their retirement, or return to work, because of the rising cost of living. The survey reveals that 64% of British people of retirement age are considering carrying on working, with nearly a third of people putting off their golden years for financial reasons.

Worryingly, it seems that people are failing to seek financial advice to ensure that they have made appropriate arrangements for their retirement, as 70% have never sought financial advice for retirement planning. And it seems the younger generation are not reaping the benefits of long-term financial planning, with 94% of those aged 25 to 34 choosing not to seek advice. It may well be that the distinction between goals based advice and product based sales are still not sufficiently clear in the minds of the public in general.

Zurich’s research reveals that 34% of people want to stay active in their retirement, while over 20% believe they still have a contribution to make and would therefore consider continuing to work. 10% believe they will miss the buzz of working life, while 26% plan to keep working because they are worried about being bored in retirement.