Most consumers delay seeking pension advice until after 46, Iress finds

Nearly two-thirds of UK consumers plan to wait until after the age of 46 before seeking retirement advice, despite most aspiring to retire at 65, according to research from Iress.

The Iress Financial Readiness Index found 64% of respondents intended to delay seeking retirement planning advice until after 46, while just 11% had already received guidance from a financial adviser.

The research also found only 37% of consumers were confident they would be able to retire at their preferred age, despite retirement being widely regarded as one of life’s most important financial goals.

A further 33% of respondents said they may seek financial advice in the future, suggesting many people postpone retirement planning until later in life.

Alistair Morgan, UK chief executive at Iress, said: “Retirement is one of the biggest financial goals most people will ever have, yet our research suggests many are approaching it without the confidence or knowledge they need.

“There is a clear gap between when people hope to retire and how confident they are that they’ll actually achieve it.

“What’s particularly striking is how long many people plan to wait before seeking professional advice.

“The earlier people begin planning, the more options they’re likely to have, and the greater the impact those decisions can have over time.