Seven in 10 pension savers have not spoken to a financial adviser about their future retirement plans, according to new research.
Canada Life surveyed 2,000 people – including 1,212 employees – and found that many recognised the potential benefits in getting financial advice, with one in two (49%) saying they would consider this action in future.
The study showed that making a significant financial decision was most likely to trigger people to seek support, including buying a property (16%), retirement (14%), saving or investing money (14%).
Respondents also indicated that they would get advice following a change in family circumstances, with 11% saying they would speak to an adviser following a death in the family and 10% after starting a family.
The research comes ahead of Pensions Awareness Week, which runs from 11-15 September. The industry-backed event is designed to raise awareness about pension planning and encourage people to seek information, guidance and advice about future retirement plans.
Canada Life head of investment proposition, wealth Shelley Greenwood said: “Auto-enrolment has enabled employees to save into a pension pot easily, helping to safeguard their financial future. However, with the cost-of-living crisis squeezing household finances, there’s a possibility that pensions be regarded as expendable or ‘a nice to have’. It’s therefore important for employers to communicate the benefits of saving into a pension on an ongoing basis.
“Pension Awareness Week is an ideal time and initiative to aid in any colleague communications regarding retirement planning and financial wellbeing in general. With more people and companies championing pensions, the more people will feel empowered about their finances.”
In order to promote the benefit of getting proper advice, Canada Life has teamed up with NextWealth for a live-streamed show about financial advice around retirement planning on 15 September.