More people are now seeking financial advice but the numbers are still low, according to research.
A recent survey by Aegon into how people make financial decisions found 10 per cent speak to a financial adviser about their money.
This indicates a 25 per cent increase in the number of people seeking financial advice since the last Aegon survey, which found that only 8 per cent of people spoke to a financial adviser about their financial decisions.
Similar to the findings of the previous survey, 47 per cent said they make financial decisions on their own, while 40 per cent said they made decisions with their partner or spouse.
Steven Cameron, pension director for Aegon, said: “The increase in the number of people speaking to a financial adviser is encouraging, with 25 per cent more seeking advice than in 2016.
"However, overall, take-up of financial advice remains worryingly low with around 1 in 10 people seeking advice.
“Since last year, the numbers accessing their pensions flexibly through pension freedoms has continued to grow. Making the right decision on your retirement finances is hugely important and really should be done only with the help of a professional adviser.
"Worryingly, 32 per cent of those going into income drawdown did not use an adviser."
In the wake of a radical shake-up of the rules around pensions in 2015, which meant many more people became responsible for planning their wealth in retirement, the Financial Conduct Authority and the government have tried to make advice and guidance more accessible to more people.
Their joint Financial Advice Market review led to a range of initiatives, including measures to encourage the development of cheaper advice services using technology, and allowing people to use some money from their pensions to pay for retirement advice.
However, while advisers support the aims of these measures, Aegon research suggested they are sceptical these are making a difference in practice, Mr Cameron said.
He added: "Providers and some employers can also provide basic information. But for the more important or difficult decisions people should seriously consider paying for financial advice.
"In many cases, the benefits of getting things right can far outweigh the costs. It might be money well spent to ensure they are doing the best they can for their financial futures.”
Adam Rutter, an adviser at Dundee-based Findlay & Company, also noted a trend in more people seeking financial advice.
He said: “One reason for the increase in people speaking to a financial adviser could be as a result of the pension freedom legislation which gives them more choices.
"As a result of this it makes their financial decisions more complicated than previously in relation to Pensions.
“I personally have noticed a larger amount of clients seeking my help in relation to pensions and their retirement options.
"On a personal note I think more could be done to promote Financial Advice from the Personal Finance Society and indeed government as there is still issues with trust from a significant number of the general public.”
