Over two-thirds of advisers believe financial education is the most important way to encourage more saving for retirement, according to a Vitality Invest poll.
A September survey of 200 UK financial advisers conducted by research group Opinium for Vitality Invest asked them to select the top three ways to encourage retirement saving.
Financial education came out on top with 67 per cent, followed by better access to financial advice (41 per cent) and financial incentives such as rewards for saving earlier (37 per cent).
Only 13 per cent suggested lower pension fees were one of the top three issues that could encourage clients to save.
Alongside the adviser research, Vitality Invest had Yougov carry out consumer research of 2,000 adults in September.
It found almost 74 per cent of UK adults have never made any contribution to their pension beyond auto-enrolment or do not have a pension or retirement savings plan.
Vitality Invest argues this shows there is an urgent need for a solution to answer such major saving challenges.
Addidi Wealth managing director Anna Sofat says: “While the main concern for most people is shortfall in saving or falls in market, the biggest game changer in helping people to save more would be education in tandem with easy to use and understand products.
“Workplace education alongside auto-enrolment, for example, or interactive illustrations and annual statements providing reasonable education to what could be expected at retirement or later in life. This way people are reminded what they could expect and what more they might need to do.”
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