Where do people get their advice and/or information from for their retirement?
Getting retirement advice is essential. How do people get their retirement advice or information?
52% of pre-retirees gets it from their friends or family and 48% of retirees as well. 21% of pre-retirees and 18% of retirees from friends or family only. I see this happening quite often. One client of mine told me that his colleagues/friends all try to convince him to invest in the same thing they invested. One colleague is telling him to invest in real estate, the other one in the saving plan that he took from his bank and the other one in some scheme back home.
36% of retirees and 42% of retirees get advice from professionals and 8% of pre-retirees and 11% of retirees only from professionals. This means that more people get advice from their friends/family and/or information than from professionals. Just let this sink in for a second. If you go to a doctor or if you go to a lawyer more people will not go to a doctor or to a lawyer for the same problem, but instead ask their friends/family for advice and/or information. Does that make sense?
27% of pre-retirees and 25% of retirees get advice and/or information from media, books or online. 4% of pre-retirees and 2% of retirees only from the same source.
Almost double the amount of people gets their information from friends/family instead of literature when it comes to retirement advice and/or information. When you went to university and needed to submit a project and disclose your sources, do you think you will get away with only filling in friends or family? If your company asks you for a justification for a business idea or project and you make a powerpoint and/or a nice report. Will you mention in your report/powerpoint that your source for information and advice was (only) friends or family?
It is shocking to see that people refuse to consult professionals and/or literature and instead get their advice and/or information from their friends or family. When you have a problem you normally consult a professional, look more information up on it online or in books and you speak about it with friends/family. You don't exclude professionals and literature in your search for answer and advice.
‘Reproduced with permission from The Future of Retirement Generations and journeys, published in 2016 by HSBC Holdings plc.’
Posted on Sat, June 3, 2017
by Simon Snelder filed under