The research, commissioned by MGM Advantage, the retirement income specialist, is an exclusive inter-generational study of more than 3,000 Britons, surveyed by age, gender, region and key city, marital status, health status and exposure to independent financial advice.
MGM's Retirement Nation survey, carried out by Opinion Matters, contrasts Britain's preparation levels for retirement as well as their hopes and dreams for the golden years. The survey finds a clear link throughout the research between using an IFA and increased wellbeing - yet just 14% of those surveyed have sought specific independent financial advice about their retirement. This 14% are now reaping the benefits financially and in their quality of life.
Retired people are twice as likely to be forced to downsize if they have never sought independent financial advice, and four times more likely to return to the workforce in order to make ends meet, according to the survey. Just 3% of retired people who have used an IFA expressed ‘painful regrets' about their retirement, compared to 8% who have not used an IFA. The survey found retirement preparation levels to be lowest in Wales. While around the nation, Sheffield, Brighton, Cardiff and Plymouth are all so-called ‘hotspots of low preparation', defined as being where more than 50% of the pre-retired population say they're not prepared at all.
MGM Advantage, formerly known as MGM Assurance, relaunched this week as a specialist in the retirement income market.
