Research conducted by UK mortgage provider Prudential has concluded that retirees prefer face-to-face financial advice, despite the reported popularity increase in internet use among the over-50s and the emergence of 'silver surfers.'
Over 70% of over-50s surveyed said that they prefer human interaction when dealing with financial decisions. Women tend to turn to friends and family for advice, while men prefer to speak directly to the bank or building society, Prudential found.
The data, taken from TNS Phonebus research, also indicated that 70% of the respondents were more confident in making financial decisions now in comparison to when they were younger. One-to-one interaction, such as speaking to their bank or building society or their friends and family, top the list of preferred financial research methods.
Furthermore, Prudential reported that women over 50 were found to be more confident in making decisions than men.
Ali Crossley, director for lifetime mortgages at Prudential, comments: It is interesting to see that, while more and more financial services are available to us online, for many people this only provides part of the solution to understanding more about their financial needs. While it is important to have online facilities that provide information on financial products, our research has shown that face-to-face advice resonates strongly with customers.
As a response to the results, Prudential has launched a new face-to-face sales force, advising on its flexible lifetime mortgage.