Over a quarter (28%) of those approaching retirement have said they have used a financial adviser or wealth manager, Oxford Risk has found.
The firm revealed that a lot of people are failing to make the best use of advice, with two in five (41%) admitting they rarely, if ever, review their retirement financial plans, either with or without the support of a financial adviser.
The research also found that 14% of people review their financial plans more than once every six months, while the same proportion review it once every six months. Just over a quarter (26%) review it once a year and 5% said they do so every two years.
Oxford Risk revealed that those who do regularly review their retirement plans have a better understanding of how much they have saved and how to turn it into an income.
Almost three quarters (73%) of those who review their savings at least once every six months have clarity on their savings options.
Of those who review less frequently than once a year, 26% said they feel like they have clarity and 44% of respondents who rarely, if ever review, have no clarity on their savings options for retirement.
When asked if they’d prefer to leave behind a financial legacy for friends or family, or maximise their income during retirement, 62% of those surveyed said they’d prefer to maximise their income during retirement. Of these, 32% said they’d "definitely" prefer to do this.
In comparison, 18% said they’d prefer to leave behind a financial legacy for family and friendly, with 8% stating they would "definitely" prefer to do this.
Head of behavioural finance at Oxford Risk, Dr Greg B Davies, said: "Many over-55s nearing retirement are proactively seeking financial advice to optimise their investments. Those who regularly review their retirement plans are not only more informed about their savings but also better equipped to convert them into income that meets their goals.
"In today’s complex retirement landscape, particularly since the introduction of pension freedoms in 2015, personalised financial advice is essential. We're witnessing a surge in demand for tailored guidance, prompting advisers to embrace innovative technologies that enhance client outcomes."
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