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...

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 Your profession

News editor's view: The devil in the Budget detail

News editor's view: The devil in the Budget detail

The news editor's Friday Night Takeaway from 30 October

Isabel Baxter
clock 30 October 2026 • 2 min read
What's spooking financial advisers this Halloween?

What's spooking financial advisers this Halloween?

Experts share what's keeping the profession awake this spooky season

Professional Adviser
clock 30 October 2026 • 4 min read
Feel Good Friday: CISI urges financial planners to give 'one hour' to upcoming Financial Planning Week

Feel Good Friday: CISI urges financial planners to give 'one hour' to upcoming Financial Planning Week

Event takes place January 2027

Professional Adviser
clock 30 October 2026 • 1 min read