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...

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