This consultation rightly highlights the gaps in the availability of regulated financial advice.  Wider access to advice would help but the reality is most people are not inclined to seek advice and reluctant to pay for it.  Our Understanding Retirement2 research shows that, among those who have already accessed their pension, only 39% sought out financial advice and only 21% sought help from Pension Wise (the majority of these using the website only).  Of those we surveyed who can now access their pensions through the new freedoms and who started to think about what they might do, 56% do not plan to pay for regulated financial advice, 55% do not plan to contact their employer, 47% do not plan to contact Pension Wise, 40% do not plan to investigate options using the internet and 20% do not plan to contact their pension provider to discuss their options.  It is clear that paid-for advice will help solve the problem, but only for the few not the many. 

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