30% of over-60s have never taken financial advice, survey finds

Thirty per cent of people over the age of 60 have never taken financial advice, a new study from Kreston Reeves has revealed.

The findings also showed that another 24% of those aged between 35 and 59 have never taken financial advice.

The research, conducted amongst 1,022 people over the age of 35 during September, suggested there is a “false sense of financial security” across all ages, leaving individuals in a “precarious” position in retirement.

Individuals between 35 and 59 were found to be more likely to draw upon a wide range of investments to fund their retirement – including savings, personal investments, property, and inheritance. Kreston Reeves said 33% of individuals aged between 35 and 59 and 64% of those over the age of 60 believe they will rely on the state pension to fund their retirement. 

Another 36% of individuals aged between 35 and 59 – and 32% of those aged over 60 – think they will have “just enough” funds in retirement to achieve their plans.

Kreston Reeves partner and head of tax, Daniel Grainge, commented: “The fragility of the global economy due to COVID-19 and stock market volatility is threatening our respondents’ long-term financial future and security.

“With the range of threats highlighted in our survey, it is worrying that such a large proportion tell us that they have never taken financial advice, compounded further by the belief that they confident that their financial affairs are in order.

“Our survey points to an over-reliance on the state pension across all ages, which is concerning given that we can expect it to become less valuable over time and accessed at a much later age. Those aged between 35 and 59 are more likely to draw upon a wider and often complex pool of assets and, in an uncertain world, the need to regularly review finances, take independent advice and plan ahead has never been more important.”

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