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."
Pain thresholds key
To communicate equity release's wider opportunities and benefits, writes Chris Flowers, providers and advisers need to think about how best to engage not only its usual target audience but also their families
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