According to the latest survey from Prudential, financial advisers are not convinced that their clients' retirement planning is on course.
The new Prudential survey found that over two-fifths of advisers (43 per cent) said they are either not that confident or not at all confident, that their clients' retirement planning is on course, compared to just a third (34 per cent) who said they are either reasonably confident or very confident.
However despite their doubts about how well their clients are prepared for retirement, a third of advisers (33 per cent) actually reported an increase in the number of enquiries from clients about pensions and retirement planning over the past three months. Additionally, half of the advisers surveyed said they had seen an increase in the number of clients using the open market option when shopping around for their annuity in the past three months.
Andy Curran, Director of Intermediated Sales at Prudential, said: "Advisers and providers have taken a fair amount of flak over the years for apparently not informing people that they have the freedom to shop around for the retirement products which best suit their needs.
"It's good to see that half of advisers say they've seen an increase in the number of people using the open market option but it seems to me that it's taken a financial crisis for people to start their financial planning.
"What is worrying is the feedback from advisers that their clients' retirement planning is not on course, especially in these unprecedented times when personal financial security should be top of the agenda for everyone."
The information contained in Prudential UK's press releases is intended solely for journalists and should not be used by consumers to make financial decisions. Full consumer product information and Prudential's award winning retirement calculator can be found on the Prudential website.
Notes to editors
Prudential surveyed 123 independent financial advisers during April 2008.
"Prudential" is a trading name of The Prudential Assurance Company Limited and Prudential Unit Trusts Limited. This name is also used by other companies within the Prudential Group, which between them provide a range of financial products including life assurance, pensions, savings and investment products. The Prudential Assurance Company and Prudential Unit Trusts Limited are registered in England and Wales under number 15454 and 1796126. Registered Office at Laurence Pountney Hill, London EC4R 0HH. Authorised and regulated by the Financial Services Authority.
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