Advisers and providers 'least influential' on consumer saving, research

People listen to social media and 'consumer champions'

Tom Ellis
clock • 2 min read

Financial advisers and the pensions industry have the least influence on individuals' attitude towards retirement saving, research from The Wisdom Council has said.

The research found people were more likely to listen to personal experience and the advice of people around them than a financial adviser when it came to deciding about their later life savings. This was because of a perceived lack of good professional advice, the consumer insight specialist said. It had polled 380 active investors across a range of ages, genders and levels of financial sophistication. Those least financially educated also felt they were being held back from saving by a lack of financial capacity and the cost of advice. But just one-quarter (25%) of the group claimed ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

QROPS in a post-LTA world: Everything advisers need to know

QROPS in a post-LTA world: Everything advisers need to know

So, what next for QROPS?

Lisa Webster
clock 15 May 2025 • 3 min read
Pension providers reaction to the Mansion House Accord

Pension providers reaction to the Mansion House Accord

Signatories point to improved outcomes for members

Jonathan Stapleton
clock 14 May 2025 • 12 min read
'Please change your language': Unengaged savers turned off by pensions speak

'Please change your language': Unengaged savers turned off by pensions speak

‘They want to know – just not in the way you are selling it’

Jenna Brown
clock 13 May 2025 • 3 min read