Britons aged over-50 years feel that they need a windfall of over half a million pounds to seek financial advice, even though four out of ten worry about retirement, according to a survey by The London Institute of Banking & Finance and Seven Investment Management (7IM).

The study, which polled 2,000 UK adults aged over 50 with assets of over £50,000, found women more reluctant to consult a financial adviser compared to men.

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In case of women, the advice tipping point was £544,249 versus £499,171 for men.

On reasons for evading financial advice, 28% said they do not have enough to justify an adviser while another 28% cited high costs.

Also, 19% said that they would never seek financial advice irrespective of how much they inherit.

On the bright side, 53% of those polled felt well prepared for retirement. However, 48% of pre-retirees also said that they need to save more for retirement.

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On being asked what they would change if they had their time again, 60% of pre-retirees said they would start investing earlier while 58% said they would save for retirement earlier.

7IM private client manager Michael Martin said: “This is the first generation that’s really having to confront the double whammy of longevity and diminished pension returns and for some it’s proving painful. They started out their careers dreaming of packing in at around 60. Many now face going till they’re 70, and often longer. There are a number of steps savers should consider to address this problem and one of them is taking a sensible amount of investment risk.

“Good advice can make a big difference in helping you work out what ‘sensible’ means in your circumstances and where best to invest to generate the returns you need. They can also give you a proper plan – so you don’t reach retirement age with only debts and regrets.”