Seeing an adviser - even once - can net retirees £7,000 a year

OMW research

Hannah Godfrey
clock • 1 min read

Those who have sought financial advice - even on just a single occasion - had on average £7,000 more a year to spend in retirement, research by Old Mutual Wealth (OMW) has concluded.

According to the group, the number of 50 to 57 year-olds taking advice has surged since the pension freedoms were introduced in April 2015. With just 14% of the 1,206 individuals surveyed taking advice, however, there remains a vast advice gap. Still, those who have seen an adviser, even just once, the research suggested, have experienced a benefit to the tune of £7,000 per year in retirement - in comparison to those who have not taken financial advice. This has been a jump of £3,700 more per year since 2014, when those with an adviser were found to have £3,300 more in retirement, lea...

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 Retirement

How advisers can play a role in boosting wellbeing in retirement

How advisers can play a role in boosting wellbeing in retirement

A happy retirement is the 'north star'

Cecilia Furner
clock 08 November 2024 • 3 min read
Partner Insight: Embracing the future of retirement planning

Partner Insight: Embracing the future of retirement planning

Brooks Macdonald
clock 31 October 2024 • 2 min read
Pension tax rules uncertainty shows 'need to shift retirement planning'

Pension tax rules uncertainty shows 'need to shift retirement planning'

Needs to include wider considerations of capital drawdown beyond pensions

Isabel Baxter
clock 24 October 2024 • 2 min read