Fewer than one in 10 (9%) over-65s feel confident about managing their retirement finances, spelling potential uncertainty ahead for thousands of retirees, according to Standard Life.

The firm’s retirement voice study, conducted among 6,000 consumers, revealed that 43% of over-65s don’t feel they understand the pros and cons of the various options available to them to access retirement finances.

Standard Life also found that over half (52%) feel nervous about accessing their retirement funds.

Furthermore, the findings showed that 13% of over-65s are confident they know what options they have to use their pension savings to provide them with an income in retirement, while over half (54%) of over-65s are also worried about making bad decisions around using their retirement finances.

Managing director for retail direct at Standard Life, Dean Butler, said: "It’s rather worrying to see so many people fast approaching or even reaching retirement and yet feeling unsure about important areas of their finances. Being as informed as possible is key to being able to make good decisions and protect your financial future in retirement.

"Whether it’s deciding how you’ll take money from your pension, or when to do so, you need an understanding of options available, and the implications of each on your money in retirement. At the moment seeking advice can seem inaccessible to many, and we’d like to see advice and guidance extended and made more affordable to ensure people can make well informed decisions.

"Despite this, remember that while retirement can be daunting, you don’t have to do it all alone. If you are able to speak to an adviser, Unbiased is a good place to start to find one. Otherwise, Pension Wise offers free guidance, and it’s also worth speaking to your pension provider or employer if you feel you don’t understand your retirement finances and options fully."

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