A new study has predicted that
financial advisers will be provided with substantial opportunities in the future.
The report from Ernst and Young says the challenges of increased longevity and economic uncertainty will result in a greater need for financial advice as new products reflect the changing nature of retirement, reports IFAonline.
A combination of longevity and inflation can cut retired people's spending power by as much as 40 per cent over 25 years and current retirement products have issues that are unlikely to improve in the future, according to the report.
Malcolm Kerr, from Ernst and Young, said that there would be a clear risk of disappointment should pensions prove inadequate for consumers.
He added: "Changing attitudes to retirement create substantial opportunities for providers and advisers but at the same time create threats.
"Financial planning and product solutions will need to support the aspirations of retirees whilst also addressing their key concerns."
The HSBC Future of Retirement study recently showed that one third of workers in the UK aged between 40 and 60 wanted the retirement age increased.
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