According to new research from Brewin Dolphin Securities, many people in Britain are happier facing hardship in retirement, than talking to a financial adviser. They found that 16.7 million people expect to suffer a shortfall in their pension when they retire, but very few have reviewed their arrangements, and even less would consider taking financial advice.
The company believe that the survey shows that most people are resigned to the fact that their pensions will not deliver the returns they originally expected, and on average, expect a 30% shortfall in their fund, with about 1.5 million people estimating that it will be more than 71% less than they originally planned! The report found that just over a quarter of people have never reviewed their pension arrangements, 14% have not reviewed it in three years, and nearly three quarters of all respondents admitted that they would not even consider taking financial advice.
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