A survey of 1,500 people also found friends and family were the most popular choice when it came to discussing retirement plans.
Just over a third of people said they would go to family and friends when making financial decisions about their retirement, rather than seek seek professional advice.
In a survey of over 1,500 people almost one-third said they would not seek pensions advice, of that third 16 per cent said they did not know where to go for retirement information and 15 per cent said they would not seek any kind of support.
The report, carried out by Opinium on behalf of Hargreaves in May 2023 found that 30 per cent of savers were planning to or had already sought advice, 14 per cent said they had an ongoing relationship with an adviser and 16 per cent said they would seek regulated financial advice in the run up to retirement.
Helen Morrissey, head of retirement analysis at Hargreaves Lansdown said there was a "gaping chasm" when it came to accessing support.
"Almost one-third of people either opting against accessing further support or not knowing where to get it. Worryingly, over a quarter of over 55s said they wouldn’t seek support in the run up to retirement - it’s a huge issue that can put our retirement planning at risk."
"Of those who do opt for more support, family and friends are the top choice, with almost one-third of us turning to our nearest and dearest. If they are very knowledgeable then this might work out, but the chances are the gaps in their knowledge mean you aren’t getting the whole story - and you risk making mistakes. It’s important that if you are consulting family and friends, it is part of a wider planning strategy that includes other areas such as regulated financial advice or guidance services such as Pension Wise or services through the workplace."
Pensions Wise versus call a friend
Guidance services such as Pension Wise also featured - with 27 per cent saying they would make use of regulated advice or support.
Morrissey said the workplace had an important role to play in helping savers, and that 16 per cent already received support and education through work.
"Planning appropriately has an enormous impact on how and when you retire. It covers everything from how much you contribute to how you structure your retirement income. You could be retired twenty years or more so it’s vital you do not leave this to chance and take advantage of the support on offer.”
