Nearly a fifth (15 per cent) of savers wouldn’t seek any kind of support in the run up to retirement, rising to a "worrying" 26 per cent amongst over 55s, research from Hargreaves Lansdown has revealed.

The survey also found that a further 16 per cent of savers wouldn’t know where to go for retirement information, while the most popular option, cited by 30 per cent of savers, was to go to family and friends when making financial decisions about their retirement.

However, 14 per cent of respondents said that they had an ongoing relationship with an adviser, while 16 per cent planned to seek regulated financial advice in the run up to retirement.

Pension Wise also proved popular, with over a quarter (27 per cent) of people saying they would use it, while one in six (16 per cent) said they would receive support from the workplace.

Commenting on the findings, Hargreaves Lansdown head of retirement analysis, Helen Morrissey, warned that whilst it is “vital” that savers seek out appropriate support to help make the right decisions, there is a “gaping chasm” when it comes to accessing this support .

Morrissey also pointed out that, of those who do opt for more support, family and friends are the top choice, warning that while this might work out if they are very knowledgeable, “chances are the gaps in their knowledge mean you aren’t getting the whole story - and you risk making mistakes”.

“It’s important that if you are consulting family and friends, it is part of a wider planning strategy that includes other areas such as regulated financial advice or guidance services such as Pension Wise or services through the workplace,” she continued.

“Planning appropriately has an enormous impact on how and when you retire. It covers everything from how much you contribute to how you structure your retirement income.

"You could be retired twenty years or more so it’s vital you do not leave this to chance and take advantage of the support on offer.”

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