Despite this, four in five (76%) of Scottish retirees have not sought any professional financial advice. As a result, abrdn is urging current and future retirees to consider getting advice on their retirement plans.

At the same time, 27% of respondents said that they hadn’t spoken to someone because of the cost of advice, while a fifth (19%) said it is because they believe only those who have a lot of money can benefit from professional advice.

Meanwhile, 16% say they simply ‘can’t be bothered’ with the time and effort of seeking advice and one in ten (9%) say it’s their lack of experience that puts them off.

Shona Lowe, financial planning expert at abrdn, said: “There’s a common misconception that financial advisers are reserved only for the wealthy – but this is simply not the case.

“Whether it be tax implications, managing ever-changing expenses, supporting loved ones or the very current concerns about the rising cost of living, speaking to an expert can set you up for a better retirement both financially and emotionally. A key part of that emotional wellbeing comes from having taken control of both your own financial future and that of your loved ones, and having the right support as you decide what’s right for you.

“That’s why we would urge anyone approaching retirement to seriously consider seeking advice. A financial adviser can make your money work as hard as possible and allow you to focus on enjoying your retirement years.”

Across the UK as a whole, the research also highlighted that a gender gap is evident in those seeking advice, with women less likely to seek advice on their retirement plans in comparison to men.

Less than a fifth (19%) of women in retirement in the UK have spoken to a professional financial adviser, versus a quarter (25%) of men. Female retirees are also less likely to contact their pension adviser with questions (9% of women versus 15% of men).

Comparatively, women are more likely to turn to their partner, friends or family for advice compared to men (8% of women versus 6% of men) but are less likely to search for answers online (6% of women versus 10% of men).

There are regional variations too. abrdn’s research found that retirees living in the East Midlands are most likely to have sought advice on their retirement plans (28%), followed by those in the North West (24%) and South East (23%). Retirees in Wales (16%) and in the North East (17%) are the least likely to have spoken to a professional finance adviser prior to retiring.

Shona Lowe continued: “It’s alarming to see gender disparity and regional variations when it comes to seeing who is seeking advice on their retirement. As an industry we have a duty to change this by making advice accessible and demonstrating its value.

“Although there is a wealth of material available online, and speaking to those around you is often helpful, we want to encourage more people to consider the benefits that personalised financial and retirement advice could bring to them.”