Fewer than one in six people in the UK currently seek financial advice on retirement. with women remaining particularly underserved. So says the International Longevity Centre UK (ILCUK), which has produced in depth reports on the problem in recent years. It notes that the “advice gap”, comprising an estimated 18 million adults who could benefit but do not seek expert financial help which could enable them to maximise their income and – perhaps as importantly – provide peace of mind in their silver years, is still stubbornly wide. “Our research has helped shift the conversation, informed regulatory reform, and given the industry a credible evidence base to build on”, it says. But there is still much that needs changing. For example the proliferation of small pension pots, accrued as people change jobs after a relatively short time, which it says it “flagged early”, has grown larger rather than smaller.
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