One-fifth (21%) of respondents are aware of the retail distribution review (RDR), according to research by Canada Life Group.
The research, which surveyed 1,635 employees in October 2012, found that awareness was slightly higher among men (25%) than women (19%).
Under the RDR, which takes effect from 1 January 2013, pension providers will no longer be able to remunerate independent financial advisers (IFAs) and employee benefits consultants on a commission basis. Instead, these must be paid via a consultancy charge negotiated with employers.
Once the changes were explained to respondents, nearly half (49%) predicted that fewer people will visit a financial adviser as a result. This is despite the fact that more than one in 10 (15%) respondents felt that they will need financial advice more than ever, due to upcoming changes such as pensions auto-enrolment,.
However, a quarter of employees believe that they do not earn enough to seek financial advice.
In addition, 13% would like access to a financial adviser through their employer.
Paul Avis (pictured), sales and marketing director at Canada Life Group Insurance, said: “At a time when financial advice is likely to be more important than ever before, almost half of employees predict people are less likely to visit a financial advisor once RDR comes into effect.
“This suggests that advisers still have a great deal of work to do explaining RDR to customers and clearly outlining the value of advice.”