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Contact our research team

Jude Gardner
Senior Research Executive
judegardner@bandce.co.uk
01293 586567

Peter Lee
Senior Research Executive
peterlee@bandce.co.uk
01293 766654


Financial advice and guidance has a massive role to play in helping people make the right decisions at retirement. But not everyone speaks to a financial adviser about their pension or retirement.

Leading up to this research, there was a lot of discussion (among both the media and financial professionals) about the pros and cons of ‘robo advice’ (ie advice and guidance provided online).

So we decided to explore attitudes and behaviours relating to financial advice, both through traditional methods and robo advice.

The research

B&CE, provider of The People’s Pension, conducted an online survey via the YouGov general public omnibus, a panel representative of the GB population. The fieldwork took place between 5 and 8 February 2016 with the questions directed at working adults with any (non-defined-benefit) pension. In total, 1,359 responses were collected.

Aim

To determine:

  • current usage of financial advice by British adults
  • interest in a free online retirement-planning tool
  • likelihood of using an online retirement-planning advice service from a financial services company
  • how much pension savers would be prepared to pay if they were interested in this service.

Outcome

The survey found that:

  • less than one fifth (18%) of the public currently use a financial adviser
  • over half (53%) would use a free online retirement-planning tool to help them decide what to do with their pension savings
  • nearly a third (30%) of people who have a pension would prefer to use online tools to plan their finances than speak to a financial adviser.

Our response

So these findings backed up our decision to team up with LV= to offer an online planning service to our members who are approaching retirement.

This means that The People’s Pension members can access a free guidance report setting out four possible uses for their pot and how long it could last in each scenario. Plus, they can use a personalised online retirement advice service for just £49.

We’ll still signpost our members to traditional advice routes first, but the online tools will help fill the advice gap for those who don’t want to use traditional methods.

Learn more

Download the full ‘LV= public attitudes to financial advice’ report .pdf »

Read our news article about the ‘LV= public attitudes to financial advice’ research »

Find out more about your retirement guidance and advice options, including the LV= online planning service »