Retirees shun financial advice and take DIY approach to finances

Four in five of over 55s who have retired, did so without financial advice

Sahar Nazir
clock • 1 min read

The majority of retirees are embarking on their retirement journey without seeking financial guidance or advice, preferring a do-it-yourself approach to managing their finances, according to Canada Life.

The firm asked over 55s how they were finding the overall retirement experience, given the ongoing economic pressures of rising living costs. The research found four in five (79%) of over 55s who have retired, did so without the help of financial guidance or advice. However, nearly one in three respondents (29%) said their retirement reality fell short of their expectations. One in ten retirees (11%) did not anticipate just how much money they would need in retirement and are finding life after work more difficult than they expected and wished they had planned properly (11%). In...

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