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Retirement planning tops consumer concerns

Retirement planning tops consumer concerns

Category: Pensions

Updated: 18/03/2010
First Published: 18/03/2010

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 It is now over 6 months old so the content may be out of date.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 planning continues to be the main reason consumers seek professional financial advice, new figures show.

While the financial crisis has led many people to put retirement on the backburner, 39 per cent of all searches for financial advice are carried out with retirement planning in mind, according to unbiased.co.uk.

"As more and more reports warn us of increasing numbers of consumers putting off their retirement, planning it is more important than ever to highlight the cost of delay and the effect this will have on final pension pots," commented Karen Barrett, chief executive of the website.

The pension system in the UK is set for an overhaul in the coming years. An initiative whereby employees not in a company pension scheme will be automatically enrolled on a government scheme is to begin at the end of 2012.

It is hoped the move will combat the growing problem of consumers making no pension provisions of their own, instead relying on the State Pension.

The second most popular advice driver during February was investments and savings, with almost a third (28 per cent) of consumers searching in this area.

The need for advice in this area has been put firmly in the spotlight in recent times, as consumers appear to be moving away from a credit culture.

Advice on mortgage planning demanded one in ten searches last month, while saving for children accounted for just one in 50 searches.

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