Over a quarter (28 per cent) of those approaching retirement have used a financial adviser or wealth manager, Oxford Risk has found.

The firm revealed that a lot of people were failing to make the best use of advice, with two in five (41 per cent) admitting they rarely, if ever, reviewed their retirement financial plans, either with or without the support of a financial adviser.

The research also found that 14 per cent of people reviewed their financial plans more than once every six months, while the same proportion reviewed it once every six months. Just over a quarter (26 per cent) reviewed it once a year and 5 per cent said they do so every two years.

Oxford Risk revealed that those who do regularly review their retirement plans had a better understanding of how much they have saved and how to turn it into an income.

Almost three quarters (73 per cent) of those who reviewed their savings at least once every six months have clarity on their savings options.

Of those who reviewed less frequently than once a year, 26 per cent said they feel like they had clarity and 44 per cent of respondents who rarely, if ever, reviewed had no clarity on their savings options for retirement.

When asked if they would prefer to leave behind a financial legacy for friends or family, or maximise their income during retirement, 62 per cent of those surveyed said they would prefer to maximise their income during retirement. Of these, 32 per cent said they would "definitely" prefer to do this.

In comparison, 18 per cent said they would prefer to leave behind a financial legacy for family and friendly, with 8 per cent stating they would "definitely" prefer to do this.

Oxford Risk head of behavioural finance, Dr Greg B Davies, said: "Many over-55s nearing retirement are proactively seeking financial advice to optimise their investments. Those who regularly review their retirement plans are not only more informed about their savings but also better equipped to convert them into income that meets their goals.

"In today’s complex retirement landscape, particularly since the introduction of pension freedoms in 2015, personalised financial advice is essential. We're witnessing a surge in demand for tailored guidance, prompting advisers to embrace innovative technologies that enhance client outcomes."

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