UK pensions: A third of workers left red-faced at the thought of discussing their finances, and half feel financial advice is too expensive

Saving our blushes might be costing us dearly, as just less than one in three (29 per cent) working Brits admits to being too embarrassed to discuss their financial details.

In a study shown exclusively to Morning Wire by online pension adviser, or robo‐adviser, Wealth Wizards, just less than half (43 per cent) of workers would prefer to seek out pensions advice online than face-to-face, while 53 per cent confess to being confused by their pension.

“With the introduction of pension freedoms and the roll out of auto‐enrolment, there has never been a more critical time for people to understand their pensions and the options available to them,” said Andrew Firth, chief executive of Wealth Wizards. “A huge amount of confusion still exists and it’s concerning that people are avoiding advice as they see it as an expensive and sometimes embarrassing option.”

Another 52 per cent of Brits think that financial advice is too pricey, and 43 per cent would welcome lower cost options, such as online advice.

Of those aged between 55 and 65, almost half (46 per cent) have never seen a financial advisor, despite being near retirement age, because they think it would be too expensive.

Firth added: “There is now fully regulated, online advice available to individuals, ensuring advice is low‐cost, while removing the need for a potentially embarrassing face-to-face conversation.”

Meanwhile, research released last month by charity Citizens Advice discovered that just two per cent of people are willing to pay the typical fee charged by an independent financial advisor for pensions advice.