A majority of advisers have backed the recent comments made by Prince Charles, condoning the short-term outlook of the pensions industry.
The Prince of Wales called on the pensions industry to ditch its "short-term outlook" or risk condemning the country to a "miserable future" in a video message to the National Association of Pension Funds (NAPF) conference last week.
A survey carried out by adviser business development portal Adviser Home revealed 74% of respondents back the Prince's statement that the "current focus on quarterly capitalism is becoming increasingly unfit for purpose."
Adviser Home director Andy Kirby said: "Given the current state of the pensions industry and how few people are saving into a scheme, it comes as little surprise to me that the comments made by Prince Charles have struck a chord with advisers. Advisers see retirement planning as a crucial component of the financial advice they give and therefore want to see the system work."
Informed Financial Planning managing director Kevin Ferriby said: "The number of private sector workers contributing into pension schemes is at an all-time low of 2.7m according to the ONS, compared to 8.1 million at the peak in 1967.
"This suggests a significant problem in the pensions industry, one that will hopefully be remedied to a large extent by auto-enrolment."
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