More than half of UK adults aged 55 and over do not have a financial plan in place for retirement, according to My Pension Expert.
New research by the financial advice group showed only 47% of over-55s have a clear financial plan in place for retirement and just 56% know how much is saved in their pension.
Furthermore, just a third (32%) of those surveyed are confident they will retire with enough money to achieve their desired lifestyle.
According to My Pension Expert, only 16% of over-55s regularly use a wealth manager or financial adviser, while 19% have spoken with an adviser in the past 12 months to help them understand how to adapt their pension plans to the current economic climate.
Lily Megson, policy director at My Pension Expert, warned that millions of Britons are “at risk of an unstable financial future.”
“It is crucial that those nearing retirement take the time to evaluate their finances and their financial strategies. When necessary, they should seek guidance from experts. No one has to forge their plans alone; IFAs can help an individual understand their situation and advise on how to reach their long-term financial goals.”
Megson said the government also has a role to play in helping people engage more with their retirement savings.
“The long-awaited pension dashboard cannot come soon enough,” Megson said. “We have to make it easier for people to track their pension pots – this is a crucial stage in empowering people to take control of their financial futures, ensuring they can make the most of their hard-earned savings and achieve their retirement dreams.”
