Air Group highlights greater need for retirement advice

Just 17% of people aged 45 and above say they are very confident they have considered all their retirement funding options, new findings from Air Group have revealed.

However, this comes as Air Group also found that only 18% of those aged 45 and above have not undertaken any retirement planning.

Air Group surveyed 2,011 consumers aged 45 and above, stating that its research revealed a significant number of consumers have not carried out any retirement planning yet, with a number of demographics even less likely to have sought advice than national averages.

A quarter of those aged between 45 and 54 have not undertaken any retirement planning, compared to 18% of all those questioned, while 20% of female respondents compared to 15% of males were also yet to begin planning. Consumers in regions such as the North West (22%), East (19%) and Wales (22%) were also less likely to have engaged with their potential retirement needs.

Younger homeowners were also less confident they had considered all potential sources of income and funding for their retirement. Just 33% of those aged between 45 and 54 said they were either very confident or confident, compared to 49% of those aged 61 to 65.

Air Group CEO, Stuart Wilson, commented: “One of the key obstacles to overcome when it comes to consumer engagement with retirement planning is around initial information and how best to signpost people to the advice they need.

“Our recent consumer research shows there are large numbers who have yet to engage with any kind of retirement or financial planning, and this is more likely to impact those who are younger, female and living in certain parts of the country.

“However, it’s also true that homeowners of all ages are now much more likely to understand the importance of their home as an asset to be utilised as part of their overall retirement planning.”

To help meet the need for retirement advice, Air Group has launched a new consumer guide on later life financial options. The group stated that this will support advisers as they discuss each client’s individual needs to help them navigate the later life lending market.

“The earlier advisory firms can engage with these consumers the better, and the guide we have produced is designed to outline the potential options available and to stress the need for professional advice,” Wilson added.

“Advisers will know only too well that the first part of any consumer interaction is education and by providing potential clients with this guide they can set the foundations for further tailored discussions on what each individual may need both now, and in the future.”

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