Two-thirds (64%) of individuals aged 50-59 would be interested in receiving targeted support suggestions from regulated firms, new research suggests.

The appeal is even stronger among younger clients, with 71% of those under 50 finding targeted support either ‘somewhat appealing’ or ‘very appealing’.

The Second 50: Navigating a Multi-Stage Life report from retirement specialist Aegon, has been published today as the government and FCA consult on future plans for regulated firms to provide targeted support. Targeted support is a key proposal of the Advice Guidance Boundary Review.

A deeper dive into the data reveals that male respondents are slightly more supportive, with 69% finding the idea 'somewhat appealing' or 'very appealing’, compared to 60% of female respondents.

Steven Cameron, pensions director at Aegon, said: “The combination of ongoing challenging economic conditions, increased life expectancy, and the need for individuals to manage their own finances has made regulated advice more crucial than ever and must be encouraged to thrive. However, millions find themselves caught between the rock of comprehensive financial advice which can seem expensive, and the hard place of unengaging generic information.”

He said it’s essential that the financial services industry can offer a range of tailored support solutions that reflect the different financial situations of individuals as they approach retirement.

He added: “We hope that the FCA and the Government will continue to prioritise closing the advice gap, with a strong focus on those in their Second 50 approaching and moving into retirement. An industry capable of genuinely supporting millions of savers and investors in enhancing their personal finances will benefit not only those individuals but the entire UK economy.”  

• Source: Data conducted by H/Advisers Cicero on behalf of Aegon. Sample of 900 UK workers, July

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