The cost of funding long-term care is a key issue for their clients, say financial advisers.
In a survey of 2,000 advisers by investment firm BlackRock, 66 per cent said that their clients were concerned about the potential cost of care in later life.
The research also found that almost three-quarters (71 per cent) of advisers believed their clients were planning to work longer and retire later, probably because they were more aware of potential shortfalls in their pension savings.
But a similar percentage of clients (72 per cent) were positive about their financial future and optimistic about investing in the stock market (65 per cent).
The survey also found that advised clients saved and invested almost double the amount of their take home pay each month compared to non-advised consumers (41 per cent compared to 23 per cent).
Advised clients had more balanced investment portfolios, including 45 per cent in cash, 23 per cent in equities, 12 per cent in bonds and 11 per cent in property. In contrast, non-advised investors allocated 74 per cent of their funds to cash, ten per cent to equity investments, six per cent to bonds and four per cent to property.
Jeremy Roberts, head of UK retail sales at BlackRock, said: “These findings demonstrate that financial confidence and long-term security go hand in hand with taking financial advice, as those who use a financial adviser are more optimistic and save and invest more.
“Saving for retirement and working longer is clearly preying on the minds of British people, which is unsurprising given the new choices and control they now have over their pension at retirement.
“With increased choice comes greater financial responsibility and people of all ages, not just those approaching retirement, must think carefully about their income needs, their over-reliance on cash, and importantly, how their savings are invested for the longer-term.”