These low figures are likely the result of longstanding misconceptions around the relevance, availability, and cost of advice. These are misconceptions that the government, working with advisers, must tackle head on.
Independent financial advice is worthwhile for everyone, not just the super rich. It will ensure an individual is able to develop the right savings and investment strategy, choose the right pension pots or products, and ultimately achieve a financially secure retirement.
And in the current climate, having expert assistance to overcome the challenges of rising inflation and interest rates can be extremely beneficial.
In the weeks and months to come, I hope Truss et al work hard to champion the role of advice for pension planners.
By educating Britons on the relevance of advice, and how to find reputable and regulated advisors, the government can go a long way towards bridging the advice gap that is preventing millions from achieving a financially secure retirement.
Andrew Megson is executive chairman at My Pension Expert
