Majority of over-65s have never sought financial advice

Pensions / Retirement
Approaching Retirement
Joe Phelan's picture
Many UK adults refrain from seeking advice even when concerned about finances.

More than half (54%) of UK adults aged 65 or over admit that they have never sought financial advice in a bid to better understand their finances or improve their financial wellbeing, a study has found.

The research, carried out by stairlift company Stannah, also discovered that around 1 in 5 (19%) of those over the age of 65 expect to be ‘financially secure’ throughout their retirement, while almost a third (31%) admit they have been forced to work beyond the age of 65 because their savings would not have afforded them the comfortable retirement they desire.

Almost a quarter (24%) said that their current financial situation is worse than they thought it would be when they were 45, but many confirmed that despite recognising they were falling short of their financial goals, they still refrained from seeking assistance from a financial adviser.

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