Three in ten so-called baby boomers have never seen a financial adviser, research from Halifax suggests.
A third say they do not have enough information and understanding of their savings and investment options while a fifth of those who have seen a financial adviser have not done so in the past five years.
In addition, the Halifax Financial Services research found almost a quarter of boomers will be relying primarily on a final salary scheme for their income in retirement while 70% will rely on a state pension for at least some of their retirement income.
Paul Stanley, head of Halifax Financial Services, says: “Baby boomers represent a large sector of our population. Financial security in retirement is an issue for them now.
“The first wave of baby boomers is entering retirement but they may not be best equipping themselves for a comfortable retirement.
“They could be making their money work harder for them. Saving for retirement is becoming increasingly important as the population ages. Advice can play a critical role in this.”
Almost one in five people in the UK are aged over 65 and the ageing of the population will gain pace as the product of the post-World War II baby boom moves into their 60s.
The UK's share of people aged 65 and over in the population has risen from 5 per cent in 1901 to 16 per cent now, according to Halifax.
Conversely, the proportion of people aged 0 to 14 has fallen from 33 per cent to 19 per cent over the same period.
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