Half of retirees worry about running out of money but most have not sought out advice

Almost half of retirees are worried about running out of money in their retirement. Yet more than three quarters have never sought out professional advice, according to research from investment company Abrdn.

The Abrdn research shows that 48 per cent of retirees are worried about running out of money in retirement. At the same time, 78 per cent of retirees have never looked for advice from a finance professional, according to a poll of 2,000 retirees.

Almost a third (31 per cent) of respondents said they had not sought advice because it is too expensive, while 19 per cent said they believed the advice would only be useful if they had a lot of money.

Meanwhile, 16 per cent said they could not be bothered, while 9 per cent said their lack of experience in financial matters puts them off.

Men (25 per cent) were slightly more likely than women (19 per cent) to seek out advice from a professional, as women were instead more likely to turn to a friend or family member for guidance on financial matters. On the other hand, men are much more likely to look for answers online.

People living in the East Midlands (28 per cent), North West (24 per cent), and South East (23 per cent) of England were also more likely to seek out advice from a finance professional, while retirees in Wales (16 per cent) and the North East of England (17 per cent) were least likely to have spoken to a financial adviser.

Shona Lowe, financial planning expert, Abrdn, said: “There’s a common misconception that financial advisers are reserved only for the wealthy – but this is simply not the case.”