The research found that 38% of people have never estimated their income needs in retirement and 39% lack confidence in their ability to retire comfortably.
The figures highlight how isolated some people are when it comes to making retirement plans, according to Aegon which carried out the Retirement Confidence Survey.
Steven Cameron, pensions director at Aegon, said: “While some people may be equipped to make their own decisions about their retirement plans, it’s quite concerning that so many people are going it alone when many seem to be lacking the confidence and information to tackle retirement planning.
“Many people will join a pension scheme by default through automatic enrolment. It’s good news that an extra 8 million people have now taken the first step to saving for retirement and may not need advice at that stage. But as people begin to make serious pension plans or get closer to retirement we always recommend they seek advice to ensure they make the right decisions, including around how to make the most of the new pension freedoms.
“When it comes to retirement income, advisers can help consumers arrive at the right mix of income flexibility and security to cover the essentials. They will also assess how much investment risk consumers are prepared to take and recommend a suitable investment strategy.
He added: “For some people the perceived price tag that comes with advice immediately rules it out as an option. But people need to realise that there are various options for receiving advice and it might be less expensive than they imagine. Some people might have options available to them through their employer and those in their 50s could benefit from some guidance from Pension Wise. Whatever the situation, people shouldn’t feel alone when planning for retirement, there are options out there.”
The Aegon Retirement Confidence Survey was launched in October. It’s a bi-annual tracker study that assesses UK residents’ confidence to retire comfortably. Research was conducted by Aegon with the Aegon UK consumer and customer panel. Total sample size was 801 adults in employment. Fieldwork was undertaken in 2 – 19 October 2017.