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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.
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.
The survey found that:
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.