There are serious flaws in
financial planning among the vast majority of individuals in the
UK’s mass affluent sector, Sun Life Financial of Canada (SLF) has
warned. The insurer drew its conclusion from a survey conducted
among people in the mass affluent sector aged 55 or
older.
SLF defines the mass affluent
as those with between £100,000 ($160,000) and £500,000 in
retirement savings. Among SLF’s key findings is that only 26% of
this group feel strongly that they have planned in detail for their
retirement.
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SLF’s marketing head Mark
Stopard commented that while people in the mass affluent sector
recognise that pension planning is becoming increasingly
complicated, many are not seeking guidance from independent
financial advisers (IFA).
Supporting this view, a
recent survey of IFAs by SLFs found that 48% of IFAs feel the
biggest problem their clients face is a lack of understanding about
the amount of pension savings needed to achieve their desired
retirement income.
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