Just half (53 percent) of Britain’s over-50s feel prepared for retirement and 38 percent actively worry about it, according to research conducted jointly by the London Institute of Banking & Finance (LIBF) and Seven Investment Management (7IM).

However, despite these worries it would take a windfall of over half a million pounds before most would call in a financial adviser.  

Nearly half of those not seeking advice (47 percent) think they can look after their own money, while 28 percent say they don’t have enough to justify an adviser and another 28 percent think the costs are too high.

However, ...