A further 56% of advisers told BNY Mellon Investment Management that they expect clients to reduce pension withdrawals to safeguard their retirement.

Three quarters (75%) of advisers identified the cost of living as a key concern for retirees, with 66% of advisers saying market uncertainty was also a concern.

Retiree concerns over the cost of supporting family are also rising, with 29% of financial advisers saying retiree clients have shared this as a concern.

The adjustments to clients’ retirement plans were putting pressure on advisers, with 51% saying that meeting client expectations will be their biggest business challenge over the next few years.

Advisers also shared concerns (44%) about clients moving money from investments to cash savings.

However, the biggest challenge faced by advisers was changing regulation, with 61% of Financial Planners citing this as an issue.

This was also leading to advisers reassessing how they deliver retirement advice with 54% expecting to make greater use of cashflow planning and 23% of advice firms saying they need to make changes to their retirement income investment strategy.

Advisers saw the potential for growth in areas such as inheritance and tax-planning but were also looking to get involved in additional areas. 44% of those surveyed expect greater involvement in long-term care planning and 42% see an increased role around providing housing advice.

Richard Parkin, head of retirement at BNY Mellon Investment Management, said: “One thing that won’t change is the importance of the adviser relationship. Amidst all this uncertainty, the opportunity for advisers to serve as trusted guides and to help their clients navigate these challenges will only grow.”

A separate report from Retirement Review and technology firm iPipeline found that 18% of those close to retirement now plan to work longer than previously because of Government plans to scrap the lifetime pension allowance.

The research found that 73% of consumers were satisfied with their pension adviser, but 72% had never accesses specialist Financial Planning advice for pensions or retirement.

A third report from provider Standard Life found that 41% of over 50s cite the cost-of-living crisis as the main barrier that might prevent them from securing the retirement income they think they will need.

Other barriers included changes to the State Pension (24%), tax rises (17%), stock market performance (15%), and not seeking independent financial advice (8%).

Half of the over-50s surveyed by the provider expect their personal financial situation to get worse over the next year.

Standard Life surveyed 2000 over-50s between 6 and 14 March.

Opinium surveyed 3000 UK adults between 44 and 66 years in June 2023 on behalf of Retirement Review and iPipeline.