Financial advice boosts your savings

Financial advice boosts your savings

When we asked UK savers that are approaching retirement, we found that those who take financial advice increase their saving levels by £98 per month. This can add up to an extra £3,654 every year of retirement, based on a £100,000 pension pot.

When looking into the details of those approaching retirement, we found that those who seek long term financial advice (11 or more years before retirement) saved on average £223 per month, while those who received financial advice for less than two years before saved £155 per month.

Feeling unprepared without financial advice

The research also highlighted some of the problems that those that haven’t taken financial advice might find themselves in. When we asked individuals over 40 that did not receive financial advice about their savings, 45% had no money saved for retirement and half (52%) said they did not feel prepared for retirement.

By comparison, just over half (54%) of non-retired UK savers who received advice said they felt well prepared for retirement, while only one in seven (14%) feeling unprepared.

Find out more about our latest research with unbiased.co.uk in this article in the FT Adviser here.

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The research conducted by Opinium Research in July 2014, consisted of 1,486 pre-retirees, of which 444 had sought advice on their retirement planning and 997 had not sought advice. Of advised UK savers approaching retirement, the sample size consisted of 213 UK savers aged 40 and over who had sought some advice on their retirement planning, taken from an overall sample of 1,486 pre-retirees.