Surveys of more than 900 people carried out for Aegon found that:
• 10% of people speak to a financial adviser - a 25% increase in the number of people receiving advice since October 2016
• 47% make financial decisions on their own
• 40% make financial decisions with their partner/spouse
• 32% going into income drawdown do not take advice
The latest May survey by Aegon into how people make financial decisions found that only 10% of people speak to a financial adviser about their finances.
The company says this indicates a 25% jump in the number of people seeking financial advice since the last Aegon survey in 2016 which found that only 8% of people spoke to a financial adviser about their financial decisions.
Similar to the findings of the previous survey, the majority (47%) said they make financial decisions on their own, while 40% said they made decisions with their partner or spouse.
Steven Cameron, pension director said: “The increase in the number of people speaking to a financial adviser is encouraging, with 25% more seeking advice than in 2016. However, overall, take-up of financial advice remains worryingly low with around 1 in 10 people seeking advice.
“Since last year, the numbers accessing their pensions flexibly through pension freedoms has continued to grow but worryingly (an earlier survey showed) 32% of those going into income drawdown did not use an adviser.
“Both the regulator and the Government are keen to make advice and guidance more accessible to more people and their Financial Advice Market review led to a range of initiatives. However, while advisers support the aims of these measures, Aegon research shows they are sceptical these are making a difference in practice.”