Half (50%) of Brits have never spoken to financial advisers when discussing their retirement plans, Killik & Co. research has revealed.

The wealth manager’s findings also showed that 45% of Brits have never updated their will, with the firm stating that UK adults are "woefully unprepared" for retirement and legacy planning.

This means that many Brits could have no say in how their estate is passed on if they pass away unexpectedly.

Killik & Co. suggested there is a divide in attitudes between low earners and those on higher incomes. Over half (56%) of those on £15,000 or less have never updated a will, compared to less than a third (30%) of those earning £100,000 or more.

Furthermore, the firm revealed that many people could be unaware of how much they are set to have in retirement. A third (32%) of Brits have never reviewed their pension forecast, rising to 37% of women.

Head of financial planning and partner at Killik & Co, William Stevens, said: "Inheritance and legacy planning are crucial for securing the financial future of your loved ones, regardless of your income level or perceived level of wealth. It’s never too early to start planning for retirement and seeking professional advice can make a difference in achieving peace of mind and potentially even improving your retirement finances.

"Whether you're just starting in your career or approaching retirement, it's essential to have a clear plan in place and an understanding of roughly what to expect. Everyone should be regularly reviewing things like your pensions, any investments you hold, and cash savings to ensure they are still working for you and fulfilling your needs.

"Likewise, taking proactive steps and planning toward inheritance and legacy planning to ensure hard-earned assets are preserved and passed on according to your wishes is essential. For those with larger estates who might be concerned about inheritance tax, planning early is even more important."

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