Advisers have continuously said that planning should be a family matter, but a recent survey has found families are not getting advice together and risking their financial futures.
IFA network Openwork surveyed over 1,000 adults and found 64% of over-55s couples have never sought advice on their retirement plans.
Failing to plan could mean millions are heading for a shock, Openwork’s study found 76% of over 55s do not have an approximate figure in mind on how much they will receive in retirement income.
A quarter of those surveyed (25%) have not discussed how much their partner has in pension savings and 17% admit to never having discussed financial planning.
Some 73% of Brits have never spoken about financial planning with their children, parents and other relatives.
Call for action
Mike Morrow, wealth and platform director at Openwork, said: “Much more needs to be done by the financial advice profession, regulators and the government to ensure that families are taking a more proactive and positive approach to financial planning as well as ensuring that couples in particular discuss their retirement plans together and with a qualified financial adviser.
“For couples, seeing an adviser can help them better understand their own position, with financial advisers skilled in ensuring they are on the same page when it comes to their current financial situation and priorities around long-term financial planning.
“Despite helpful online services such as The Pension Advisory Service, The Money Advice Service and the newly launched Money and Pensions Service providing some support, nothing can replicate the benefit of seeing a financial adviser.”
