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Consumers seek retirement planning in their droves

Consumers seek retirement planning in their droves

Category: Money

Updated: 06/01/2011
First Published: 06/01/2011

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Retirement was by far the most popular reason for seeking financial advice in 2010.

Almost four in ten (37%) searches for financial advice by consumers were for retirement planning last year, with a peak of 42% seen in October, figures from unbiased.co.uk show.

Some 38% of searches were for retirement planning in December 2010.

The subject of planning for retirement has fallen under the spotlight in recent times, as a result of a combination of factors including an ageing population, public sector schemes and the Government's auto-enrolment initiative which will be phased in over the coming years.

The NEST scheme will mean that all firms will be required to offer a pension to employees; although there is an expectation that many people will choose to opt out.

The Government is keen to encourage people to make provisions for their retirement, helping to ease the pressure on the public purse.

"The volume of consumer searches shows there has been a constant demand for independent financial advice throughout 2010," said Karen Barrett, chief executive of unbiased.co.uk.

"With expected changes to pensions and benefits, and the recent VAT increase, we anticipate that even more consumers will be looking to reassess their finances in 2011."

Other figures show that when it comes to mortgage advice, the most popular driver in December last year was remortgaging, which saw 35% of all searches.

Requests from first time buyers (FTBs) were also strong in the month, with 32% of all requests for advice coming from the group.

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Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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