Phoenix : calls for more action to tackle the Guidance Gap

Phoenix Group has sponsored 'A Guiding Hand: Improving access to pensions guidance and advice,' a vital piece of research produced by the Social Market Foundation into the Guidance Gap.

Commenting on the findings, Andy Curran, CEO Savings and Retirement, Phoenix Group, said:

"There is clearly a Guidance Gap in the UK, and if the majority of people are having to make important decisions about their pension and their financial future on their own, it's hardly surprising that many are worrying about not having enough income when they reach retirement.

"Some 13 million people are aged between 50 and 64 year in the UK currently, and more than a third of them are customers of Phoenix Group. While some will seek and can afford regulated advice as they near retirement, that's unlikely to be the solution for everyone. We estimate that 3.5 million of our customers who are heading towards retirement will be making key financial decisions without the level of guidance they need. We want to ensure more is done to help them.

"That's why we're looking to drive forward action and calling for a government-led Working Group to work across our industry, with the regulator, consumer groups and the advice community, to find the solution. This gulf in support is not new. What is new, is the urgency and scale of the challenge, and the opportunity we all have to solve it, as there is greater freedom to consider potential solutions post-Brexit. We all have a responsibility to do our best to help people who are trying to save, and we need to take action now."

Read the full report