Seeing an adviser - even once - can net retirees £7,000 a year

OMW research

Hannah Godfrey
clock • 1 min read

Those who have sought financial advice - even on just a single occasion - had on average £7,000 more a year to spend in retirement, research by Old Mutual Wealth (OMW) has concluded.

According to the group, the number of 50 to 57 year-olds taking advice has surged since the pension freedoms were introduced in April 2015. With just 14% of the 1,206 individuals surveyed taking advice, however, there remains a vast advice gap. Still, those who have seen an adviser, even just once, the research suggested, have experienced a benefit to the tune of £7,000 per year in retirement - in comparison to those who have not taken financial advice. This has been a jump of £3,700 more per year since 2014, when those with an adviser were found to have £3,300 more in retirement, lea...

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 Retirement

Sounding the alarm: Facing the retirement reality check

Sounding the alarm: Facing the retirement reality check

'At the heart of the issue is a worrying lack of engagement'

Laith Khalaf
clock 17 June 2025 • 3 min read
Why we plan holidays, not retirements: Changing the client conversation

Why we plan holidays, not retirements: Changing the client conversation

'This is scary for us as an industry but even more scary for us as a nation'

Verona Kenny
clock 04 June 2025 • 4 min read
Inflation drives 'modest' rises in PLSA's Retirement Living Standards

Inflation drives 'modest' rises in PLSA's Retirement Living Standards

Majority of pre-retirees expect to live with someone else in retirement

Martin Richmond
clock 03 June 2025 • 8 min read