More than half (54 per cent) of over 65s are worried they could be making bad decisions about their retirement finances, research from Standard Life has found.

The research showed that the vast majority of those likely to be approaching, or in, retirement lack confidence and critical knowledge about key aspects of their retirement finances, spelling potential uncertainty ahead for thousands of retirees.

In particular, it found that only 9 per cent of over 65s feel confident about managing their retirement finances as a whole, and over half of over 65s (52 per cent) feel nervous about accessing their retirement funds.

In addition to this, "worryingly”, almost half (43 per cent) of over 65s don’t feel they understand the pros and cons of the various options available to them to access retirement finances.

In contrast, just 9 per cent are confident about how they will access or draw down their retirement savings, and 13 per cent are confident that they know what options they have to use their pension savings to provide them with an income in retirement.

Commenting on the findings, Standard Life managing director for retail direct, Dean Butler, said: “It’s rather worrying to see so many people fast approaching or even reaching retirement and yet feeling unsure about important areas of their finances.

“Being as informed as possible is key to being able to make good decisions and protect your financial future in retirement. Whether it’s deciding how you’ll take money from your pension, or when to do so, you need an understanding of options available, and the implications of each on your money in retirement.

“At the moment seeking advice can seem inaccessible to many, and we’d like to see advice and guidance extended and made more affordable to ensure people can make well informed decisions.

“Despite this, remember that while retirement can be daunting, you don’t have to do it all alone.”

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