Research by the company has shown that retirement planning is based on the following factors: amount saved, when people start saving, asset allocation, investment funds and pension plans.

However, when asked to rank these in terms of importance, consumers were unable to correctly identify the most influential factors.

Peter Hicks, head of the IFA channel at Fidelity International, comments: “We are saving too little, starting too late and then misjudging critical elements of planning and investment decision making.

“Furthermore, despite the heightened public debate about these issues, many people continue to view them as applying to everyone but themselves.”

Research conducted by Tickbox in July of last year on a sample base of 1,268 UK adults revealed that 27 per cent of consumers don’t have any long-term savings, while 33 per cent are unwilling to seek advice on financial matters.

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