The majority of retirees still rely on themselves for financial advice, according to survey research from CoreData.
The survey included interviews with 500 people over the age of 50.
Of the 500 people, 371 were pre-retirees and 162 were retirees. A total of 74 pre-retirees were high net worth individuals, while 234 were average net worth pre-retirees.
When nominating a source of financial advice, 46 per cent said they used their own judgment with 44.9 per cent identifying it as their main source.
Financial planners were considered the main source by 24.9 per cent of people.
"I am not surprised by these results. Our current data shows that only 20 per cent of the population use financial advisers," Investment and Financial Services Association chief executive Richard Gilbert said.
The current market volatility does not seem to have had an impact on people's attitude toward financial advice.
About 4 per cent of pre-retirees are more likely to use financial advisers as a result of the share market downturn, however, 7.2 per cent of pre-retirees are less likely to use financial planners.
"Our last survey 18 months ago showed that 85 per cent of people were satisfied with their financial planner. Advice is important during volatile times as it gives people a steady hand when managing their money," Gilbert said.
