Majority of retirement plans done 'in people's heads' or not at all - survey

Widespread financial planning inertia

Carmen Reichman
clock • 3 min read

The majority of UK savers who have thought about planning their retirement have done so "in their heads", shunning any formal planning or financial advice, according to an annual retirement survey by Franklin Templeton.

The research found about 72% of the UK public had formed some idea of how they would retire but of those 70% had not written down a formal retirement plan - advised or non-advised. The trend also affected higher earners - those earning more than £250,000 - of whom two-thirds (64%) were not using a financial adviser. At the same time, the public seemed to recognise the value advice can bring, with almost half (48%) saying they felt a financial adviser was "important" to retirement planning or generating income after retirement. Franklin Templeton warned of a "severe and chronic" lac...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

AJ Bell sells Platinum SIPP and SSAS business in £25m deal

AJ Bell sells Platinum SIPP and SSAS business in £25m deal

InvestAcc Group takes over £3.2bn book of business

Jenna Brown
clock 27 March 2025 • 1 min read
Spring Statement 25: 'As you were' following pensions exclusion

Spring Statement 25: 'As you were' following pensions exclusion

Pensions were notably lacking from today's Spring Statement

Holly Roach
clock 26 March 2025 • 4 min read
Majority of pension savers would use digital advice from providers

Majority of pension savers would use digital advice from providers

Some 73% of workplace pension savers want advice from providers

Jenna Brown
clock 24 March 2025 • 2 min read