A majority of advisers believe their clients are changing their retirement strategies in response to a tougher economic climate over the past year.
Research by NextWealth for Aegon UK found 68% of advisers said some or most of their clients have stayed in work longer than earlier planned, or deferred accessing retirement savings.
More than half of advisers (59%) said clients are reviewing the amount, or timing, of passing wealth to the next generation.
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Other notable findings included 53% saying their clients wanted to decrease their level of investment risk, although 36% noted they had seen clients increasing their investment risk.
NextWealth also found 53% of advisers said their clients were looking to guarantee some income through a combination of an annuity and drawdown.
The research was conducted in November 2023 and gathered responses from 200 financial advisers.
Steven Cameron, pensions director at Aegon UK, said: “The challenging economic conditions of late have impacted most people, including those approaching or in retirement. This research shows just how widespread behavioural changes are, which in turn shows just how valuable retirement advice is, especially in times of change.
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“The recent high interest rate levels and the corresponding rise in annuity rates may also have led to more clients seeking to guarantee some income, including through combinations of annuity and drawdown.”
“Overall, the research paints a picture of many clients changing their behaviour around retirement, but in a wide variety of ways. This shows the important role advisers play in tailoring their advice to individual needs and preferences, particularly amongst those approaching or in retirement.”
