Researchers did find a 25% increase in those seeking advice which means one in 10 now take financial advice.
The findings on pension transfer are particularly worrying in the context of the expected increase in pension transfers over the next ten years.
However, in line with previous surveys, almost half (47%) said they make financial decisions on their own, while 40% said they made decisions with their partner or spouse.
“Both the regulator and the government are keen to make advice and guidance more accessible to more people, and their Financial Advice Market review led to a range of initiatives,” said Steven Cameron, Aegon’s pension director.
“However, while advisers support the aims of these measures, Aegon research shows they are sceptical these are making a difference in practice.
“If people are unsure if they need advice, they might first make use of free sources of guidance available, for example from Pension Wise on pension freedoms.
“Providers and some employers can also provide basic information. But for the more important or difficult decisions people should seriously consider paying for financial advice.
“In many cases, the benefits of getting things right can far outweigh the costs. It might be money well spent to ensure they are doing the best they can for their financial futures.”
