Pension advice gap

Almost three quarters of consumers (74%) surveyed by Defaqto have not sought any advice about planning for their retirement.

Matt Ward, Principal Consultant - Pensions & Wealth Management at Defaqto, said: "The pensions savings gap is well documented but in order to get more people saving for their retirement many will need access to the appropriate advice and it would appear from our research that this is not happening.

"Advances in pensions educational programmes and generic sources of pensions advice will be vital for engaging the next generation of pensions savers."

The research, carried out as part of Defaqto's annual Retirement Savings and Income Report, found that the younger generations (ages 16-24 and 25-34) are least likely to seek advice about pensions and retirement, whilst men are more likely to seek advice than women.