Ageing UK population drives demand for specialist retirement advice

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According to a recent research report, Britain’s ageing population is now fuelling an increased demand for advice regarding retirement.

The new study is entitled “Managing Lifetime Wealth: Navigating Retirement Advice” and uncovered that 67 per cent of UK advisors confirmed shifts in demand for advice in line with savers living longer.

UK consumers with concerns of having adequate provisions to sustain them in an extended retirement period often consult retirement planning specialists in Shropshire and Cheshire. While no-one can be sure how long their retirement will last, financial experts like wealth managers can help savers prepare with plans in place that cover their needs, providing peace of mind.

The research discovered that the continuing cost-of-living crisis and higher interest rates in the UK, alongside volatile financial markets, are also impacting demand for qualified advice. A total of 58 per cent of advisor respondents suggested that the effect of the present economic environment prompts their clients to take financial advice.

Following these factors, advisors cited the current tax and pensions rules, as well as allowances like the increases for annual allowance rules, and the lifetime allowance being abolished as a reason retirement advice was sought out. The report saw 49 per cent of UK advisors experience an increased need for advice from clients in this category.

However, experts agree that the UK’s ageing population, which has been created by advances in the medical and healthcare sectors, is by far the most substantial driver for retirement advice demand.

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