More than four-fifths of retirement savers over 55 worry about running out of money, and only a third feel in control of their finances, despite taking advice, new research reveals.
The detailed survey from Evelyn Partners, a leading provider of investment solutions to the Financial Adviser market, reveals that a significant number of advised clients are entering retirement with low financial confidence, limited understanding of decumulation mechanics, and a growing demand for personalised investment solutions that will provide a secure income.
The study*, based on 1,000 UK investors aged 55–75 with over £100k in investable assets, who had taken advice in the last three years, found:
- 83% worry about running out of money at least occasionally.
- Only 33% feel ‘calm and in control’ of their finances
- 49% feel most secure when their savings and investments are providing a regular income
- Only 28% were ‘very confident’ in drawing money from investments
- 39% said ‘peace of mind’ was the most valuable benefit of receiving advice
- 36% want a clearer idea of how long their money will last
Matthew Spencer, Head of Intermediaries at wealth management firm Evelyn Partners, comments:
‘The findings show that even among those who have accumulated decent pension pots and have sought advice, confidence can be low and uncertainty can be high. Retirees want a dependable, regular income from their pension investments and also reassurance that their savings will not run out.
‘Financial advisers can strengthen their client relationships by partnering with expert investment managers to deliver tailored retirement strategies.
‘Decumulation is personal, so investment solutions should be personalised. Retirement is no longer a fixed destination, it’s a fluid, event-led journey. From market volatility and health changes to family responsibilities and policy shifts, clients are frequently re-evaluating their drawdown strategies.’
‘In the end, there’s only so much peace of mind that financial advisers and planners can provide without a robust investment strategy to back it up.’
The Evelyn Partners’ research shows that 35% of those surveyed have changed their retirement plans based on adviser input, underscoring the critical role financial advisers play in guiding financial behaviour.
Mr Spencer continues: ‘For clients with complex needs, bespoke discretionary portfolio management offers tailored asset allocation aligned to income needs, risk tolerance, tax position, and legacy goals.
‘It can offer dynamic responsiveness to life events, market shifts, and regulatory changes, in combination with the critical role of expert financial planning that builds confidence and empowers spending.
‘Managed Portfolio Services meanwhile provides cost-effective access to a professionally managed, institutional investment process. With Strategic and Tactical Asset Allocation overseen by an Asset Allocation Committee, MPS can offer peace of mind through consistent investment growth and regular income streams.’
The research was designed in reference to the FCA’s Thematic Review of Retirement Income Advice, highlighting areas where advisers must improve, such as communication around longevity, care planning, and personalisation.
Evelyn Partners’ investment services are built to support Financial Advisers in meeting these expectations, while enhancing client trust and emotional security.
Spencer adds: ‘Clients want more than just returns, they want reassurance, clarity, and plans that reflect their lives. Whether through bespoke Discretionary Portfolio Management (DPS) or our MPS offerings, we help financial advisers deliver retirement strategies that are not only financially sound but emotionally supportive.’
*1,000 responses from UK residents aged 55–75 with £100k+ investable assets who have received regulated financial advice in the past three years from either a Financial Adviser or Investment Manager. Equal quotas (250 each) across pre‑, early‑, mid‑ and late‑retirement. Survey conducted online in August.