Article by Phil
Standard Life has released details of a wide-ranging financial planning advice survey of over 6,000 people between September and October last year.
The survey looked at how people feel about their finances and what they are looking for. These surveys are interesting for financial adviser firms like ours because they allow us get an insight into what people want and to gauge whether we are delivering that. Here are some of the findings:
- Over 80% of people thought that financial planning advice was useful (That’s a good benchmark for the industry as a whole)
- 50% think that the pension information they received is overwhelming.
- 40% don’t know what to do with the information.
- 50% want to know how much money their pension will give them in retirement, and how much they have in their pension pot.
- 32% want to know if they paying enough into their plan.
- All of this points to the value we provide through our Free Pension Review which is designed to gather all the information in one place so that its easy to understand.
- If they don’t use an advisor, 40% say they ask friends and family for help, or look at their pension providers website or other internet resources. This probably explains why a third of our enquiries come from recommendations or through our website.
- 33% ask their employers for help and 30% ask their work colleagues.
- Those who have taken financial planning advice and have a retirement plan. Or have come up with their own plan are much happier. 93% said they were happy with their retirement, that compared to only 66% who don’t have a plan. This reflects our experience. We have almost 100% satisfaction rates from our clients who have gone through the process of receiving full retirement planning advice.
Standard Life’s is not the only survey along the same lines.
My Pension Expert has also conducted a survey of attitudes and expectations. This time speaking to 2,000 people about their retirement plans. It found that:
- 26% of over 55’s say they will be working until they are 70.
- Only 17% of them have taken financial planning advice.
- With over 50% saying they are too expensive.
- 35% say that they won’t be able to retire when they want and only 37% had a retirement plan.
The facts from both the surveys seem very clear. Those taking financial planning advice to help with their retirement planning are the happiest. So, why not start the process today with a Free Pension Review. At the very least you will end up with all the information you need about your current pensions.
