Savers feel as though they are too preoccupied with day to day life to be able to seek advice on their pensions, research has found.

A report from the Department for Work and Pensions on how savers’ navigate decumulation found many avoid seeking both advice and guidance because they do not want the stress, anxiety or burden of going through the process.

This could be because they are living with health conditions or dealing with other stressful situations, such as divorce.

But others said simple day-to-day tasks, such as work or caring responsibilities, left them little time to consider their options.

Billy Burrows, retirement director at Better Retirement Group, urged people to try and find the time, warning it was difficult to make the right decision without support.

He said: “It is a question of priorities. For many people, their pension pot will be one of their largest financial assets and so they owe it to themselves and to their family to make sure they make the right decisions.

“Advice may appear complex and expensive, but it doesn’t have to be as advisers have it within their control to provide advice that is client-friendly and cost-effective while at the same time being fully compliant.”

Mr Burrows added: “It is easy to make mistakes which cannot be subsequently rectified and there is the mistaken belief that people can make their own decisions and get good outcomes.

“Converting a pension pot into cash and income is one of the most complicated decisions in personal finance, so it requires a qualified and experienced adviser to help people make the right choices.”

Steve Webb, partner at LCP, said the country needed to embed taking advice and guidance into its culture.

He said: “Growing numbers of people will reach retirement with modest pension pots and will need more help knowing how to make the best use of them.”