Only one third (33%) of savers over the age of 55 who have taken financial advice feel ‘calm and in control’ of their finances, according to a new report.

Despite taking advice, 83% of retirement savers over the age of 55 worry about running out of money, according to the report from Evelyn Partners.

A third (36%) said they would like a clearer idea of how long their money will last in retirement.

Savers felt most secure when their savings and investments were providing a regular income, with 49% saying this was important to helping them feel in control of their finances.

Just 28% were confident in drawing money from investments.

However, savers still valued the financial advice they received. Over a third (35%) of those surveyed had changed their retirement plans based on adviser input.

Two in five (39%) said peace of mind was the most valuable benefit of receiving advice.

Matthew Spencer, head of intermediaries at Evelyn Partners, said the research underscored the critical role financial advisers play in guiding financial behaviour.

He said: “The findings show that even among those who have accumulated decent pension pots and have sought advice, confidence can be low and uncertainty can be high. Retirees want a dependable, regular income from their pension investments and also reassurance that their savings will not run out.”

Evelyn Partners surveyed 1,000 UK residents aged 55-75 with over £100,000 in investable assets who have received regulated financial advice in the past three years. The survey was conducted online in August.