Retirement planning is not on course

The survey found that two-fifths of advisers (43%) say they are either not that confident or not at all confident, compared to just a third (34%) who say they are either reasonably confident or very confident.

But despite their doubts that clients are well prepared for retirement, a third of advisers (33%) reported an increase in the number of enquiries from clients about retirement planning over the past three months.

Andy Curran, director of intermediated sales at Prudential, said: "Advisers and providers have taken a fair amount of flak over the years for apparently not informing people that they have the freedom to shop around for the retirement products which best suit their needs.

"What is worrying is the feedback from advisers that their clients' retirement planning is not on course, especially in these unprecedented times when personal financial security should be top of the agenda for everyone."