BUSINESS
More people turning to family for pension advice
N
EW research from Baring Asset Manage- ment (Barings), the inter- national investment man- - -
Nearly one in four non-retired respondents (23 per cent), equivalent to 8.4 million British adults, selected ‘friend or family member’ from a list of preferred advisers on pension assets, up sharply from 15 per cent in the 2011 Barings survey. to 24 are even more acute: more than a third (37 percent) ask friends or family, higher than the 25 per cent that turn - countant.
In the next age segment, those aged 25 to 34, 27 per cent say they ask friends and family. Slightly more than 25 per cent discuss their pension needs Intermediaries remain the most popular source of advice over- all: they were selected by a third (34 per cent) of non-re- tired respondents for advice on pension asset allocation, the equivalent to 12.1 million people. However, this market share
30
to last year (31 per cent) as well as 2010 (33 per cent) and 2009 (36 per cent), but down from its peak in 2008 (40 per cent). In contrast, the numbers of people turning to their bank is rising, up to 15 per cent, ver- sus 9 per cent in 2011. Despite the changing sources - ity of non-retired British adults (58 per cent) said that they do consider it their responsibility to ensure they fully understand the asset allocation of their pension funds. However, when asked when they last reviewed their pen- sion plans, 45 per cent of non- retired respondents said they had ‘never’ done so, while for those who had reviewed their plans this was, on average, 2.4 years ago.
When asked about the last time they had made a change to their pension and invest-
of respondents said they had ‘never’ made such a change, - they had done so more than 10 years ago. Marino Valensise, chief invest- ‘Millions of people may be ex- posed to poor asset allocation and inappropriate levels of risk due to a refusal to review their pension investments regularly and with the correct levels of advice. - ity of people see it as their per- sonal responsibility to monitor and understand their pensions, they need to follow this up and make sure they are speaking This is more important than ever given the current volatile economic environment.’
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