A recent research report has identified that effective financial planning is the antidote to a fall in retirement confidence.
The study surveyed over 2,200 people aged 50 and over, with 50 per cent having accessed their pensions already.
It discovered that in each group, half had not sought out financial advice as opposed to the other half, who had.
The study was designed to examine financial confidence in retirement. With 10 representing total confidence, the inaugural index score ranked at 6.9 out of 10.
While this might appear over average, the report added that the score has a negative implication. It stated that although it was higher than anticipated, it was likely to decline in the coming years.
It cited that the cost-of-living-crisis is affecting confidence levels, and will have a prolonged impact. It forecasted that it could take up until 2027 for people to regain the disposable income levels seen in pre-pandemic 2019, adding that a large number will also be re-mortgaging their properties.
The study discovered that ‘holistic planning’, a service not always included in the financial advice process, was a crucial element of achieving retirement confidence. Respondents with a financial plan in place felt more confident than those who simply took advice.
Wealth managers take a holistic approach to practicing financial advice. As a result, those preparing for retirement can count on them for comprehensive financial planning services in Chester, Liverpool, and other major cities across the UK to provide adequate provisions and peace of mind.