Pensions 'the main reason to talk to advisers'

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Pensions and retirement planning is one of the main reasons for people to visit independent financial advisers (IFAs), according to new research.

The study by Unbiased.co.uk found that a third of people who visit advisers do so to discuss their long-term financial planning, while a quarter talk to experts on investment and savings.

Almost 20 per cent of people also seek advice from professionals on mortgage issues, while ten per cent requested information on products including Isas.

David Elms, the chief executive of Unbiased.co.uk, said: "Our latest report demonstrates that when economic conditions are unpredictable, consumers seek independent financial advisers as their guides through hazardous markets.

"Consumer needs are constantly changing and whole-of-market IFAs are the best-positioned of all advice types to serve these needs."

Recent research by Liverpool Victoria found that people believe they will need £20,100 a year in retirement, but many know they will only save around £16,900.

It was also found that the rising cost of food and utilities is regarded as a major concern for those nearing retirement.

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