Why retirees do not seek retirement advice

Our research for Canada Life has found that just one third of people aged 55 and over who have accessed their pensions are currently using a financial adviser. 

Among these, 44% of those that didn’t seek advice said they didn’t do so because they had confidence in knowing what they were doing. 

Furthermore a quarter said they didn’t believe their pension pot was large enough to warrant financial advice, while 22% were put off by the perceived cost. 

Another barrier was trust, with 20% of those surveyed not seeking advice due to trust issues.

Read more here.