3.4 million Britons rely on employers for retirement advice

Almost one in 10 people (the equivalent of 9% or 3.4 million individuals) will rely on their employers for advice on retirement planning. This figure is up on the 7% recorded in 2013 and 3% in 2010. 

This latest consumer research from Baring Asset Management (Barings), which surveyed 1,513 employees in July, also revealed that 20% of staff undertake their own financial planning, but this is down from 21% last year. 

Rod Aldridge, head of UK wholesale distribution at Barings, said: “It is unsurprising to see that people still rely on their employer, given the significant focus on auto-enrolment over the past year.

”Our place of work is clearly becoming more relevant when it comes to financial and retirement planning.” 

However, 65% of respondents stated that they were uncertain about whether they had chosen their pension funds themselves or selected a default option. 

More than half (52%) said it was their own responsibility to ensure that they fully understand the asset allocation within their pension fund, with just 23% relying solely on their pension provider. But one in 8 respondents (13%) believe that it is their employer’s responsibility to ensure that they fully understand the fund. 

Consistent with last year’s poll, independent financial advisers are the most popular port of call for employee advice on asset allocation for retirement planning, with the equivalent of 9.5 million people (26%) opting for this support. 

Just one in seven people (16%) would rely on family and friends for pensions advice and 14% would use their bank or building society. 

Aldridge said: “Retirement planning is so important for our future well-being and peace of mind that getting proper financial advice is paramount.”