Financial advice is a long-term success

Retirees are four times more likely to have to return to work if they have never taken independent financial advice, a new report claimed this week.

Looking at the correlation between preparation for retirement and financial wellbeing once retired, the study, by MGM Advantage, also revealed that pensioners are twice as likely to need to downsize property if they have never seen an IFA. It said 50 per cent of retirees in Edinburgh had to cut living standards, the highest level in the UK, despite the city having the highest level of retirees with pension fund investments.

"It is a startling acknowledgement of the contribution financial advisers have made to the quality of life in retirement," said Chris Evans, chief executive of MGM Advantage. "We now know for certain that there's a direct link between financial security in retirement and seeking financial advice, even if you don't have a substantial nest egg."

Source business.scotsman.com