Retirement planning is most requested IFA service

Advice on retirement planning is the number one service being sought by people contacting independent financial advisors (IFA), it has been claimed.

Consumer advice website unbiased.co.uk has revealed that 39 per cent of people using its service in February were seeking advice on retirement planning.

By way of comparison, investment and savings was the second most popular service, accounting for 28 per cent of searches.

Karen Barrett, chief executive of unbiased.co.uk, said: "As more and more reports warn us of increasing numbers of consumers putting off their retirement planning it is more important than ever to highlight the ‘cost of delay’ and the effect this will have on final pension pots.

"Consumers continue to see the value of specialist product advice when they are embarking on complex and long-term financial decisions such as pensions and investments and are searching for an IFA to guide them through their choices."

One way for people who are concerned about their future to provide for their retirement is through an equity release scheme.

Through one of these plans, people who have invested in a property could use some of the value of their asset to receive a welcome cash injection.

The Consumer Credit Counselling Service recently revealed that the number of people using online debt advice services has increased by two-thirds over the last 12 months.