UK Markets closed

United Kingdom Financial Advice in Pensions 2021: Frequency of Seeking Financial Advice has Increased Following COVID-19 Outbreak

·2-min read

Dublin, Oct. 07, 2021 (GLOBE NEWSWIRE) -- The "United Kingdom (UK) Financial Advice in Pensions 2021" report has been added to ResearchAndMarkets.com's offering.

Pensions are one of the most complex financial products, yet most individuals do not access advice and may not be making the most of their investments. Individuals financially impacted by the COVID-19 pandemic have been the largest users of financial advice on pensions. Advisors have an opportunity to grow their customer base by improving access to advice and offering customers varying levels of service at different price points. This would make advice services more relevant to specific consumer groups, based on their life stage, their financial situation, how they were impacted by COVID-19, and ultimately their own goals.

This report assesses the profiles of consumers accessing advice on their private pensions and examines how often they access advice, which channels they use, and for which aspects of managing pensions they take advice. The report explores what considerations customers take into account when choosing financial advice and how COVID-19 impacts individuals' advice choices. This report has been built using insights from our 2021 UK Life & Pensions Survey data, featuring a panel of 4,000 consumers aged 18+.

Scope

  • Only 39.0% of individuals access financial advice on their pensions, highlighting the advice gap. More men than women access advice.

  • 22.1% of adults who get advice on pensions have increased the frequency at which they seek advice since the outbreak of COVID-19.

  • the largest proportion of respondents (32.2%) rely most on guidance from IFAs, brokers, and other advisors than other channels for advice, despite the fees associated with such services.

  • the majority of individuals (68.8%) receive financial advice before changing their pension investment allocation/strategy.


Key Topics Covered:

  • Executive Summary

  • Profile of Individuals Using Financial Advice

  • Frequency of Accessing Financial Advice and Channels Used

  • Accessing Advice to Manage Pensions and Release Funds

  • Robo-Advisors

  • Paying for Financial Advice

Companies Mentioned

  • MoneyHelper

  • The Money Advice Service

  • Pensions Advisory Service

  • Pension Wise

  • Nutmeg

  • PensionBee

  • Moneybox

  • Wealthify

  • Moneyfarm

  • Wealthsimple

For more information about this report visit https://www.researchandmarkets.com/r/w6oe0p

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900


Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting