Brits urged to contact IFAs for retirement advice

Just eight per cent of British people approach independent financial advisers (IFAs) to discuss their retirement plans, new research has revealed.

The study, conducted by the Safe Home Income Plans (SHIP), found that four times this proportion (32 per cent) scan the internet for such advice.

According to the equity release trade association, 73 per cent of Britons intend to manage their retirement finances themselves.

However, many respondents to the survey admitted that they were not aware of all the options available to them.

"The findings show that without consulting an IFA, consumers are likely to miss out of the full spectrum of retirement planning products," warned Andrew Rozario, director general of SHIP.

He added: "There seems to still be some uncertainty about the definition of equity release, but [we are] working hard to increase consumer understanding of the product."