That means the equivalent to 21 million people are concerned about the effect that inflation will have on their future income in retirement.
But over six million will not seek professional advice, according to the survey.
The survey shows that concerns over the impact of inflation rises to 70% of non-retired adults aged 45 to 54 and to 78% for those aged 55 to 64 years.
Despite acknowledging the erosive effect inflation could have on their retirement income, a quarter (27%) of non retired adults have not yet started thinking about how to get the best possible income from their pension savings.
MGM Advantage believes that if more people sought financial advice at this crucial stage of their lives, they’d have a better understanding of the products that could protect them from inflation and meet their changing retirement income needs.
The latest Inflation Report from the Bank of England states that economic conditions remain uncertain while in January there was the biggest year on year increase in the Consumer Price Index (‘CPI’) since records began.
MGM warns that this is already having a dramatic impact on the income available to those in retirement and that the situation could get worse unless those nearing retirement take steps to protect their income from the negative effects of inflation.
Aston Goodey, sales and marketing director, MGM Advantage commented, “While it is encouraging that more people are aware of the impact that inflation will have on their retirement income, it is a particular concern that so many have no intention of seeking professional advice on how best to address this.
“Many people still have unrealistic expectations of the retirement lifestyle they will be able to afford.”
