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According to retirement income specialist MGM Advantage's 'Retirement Nation' report, pensioners are also three-times more likely to have 'painful regrets' about their retirement without advice from an IFA. This compares to 3 per cent of those who used an IFA.

MGM said, further compounding the fact that independent advice is critical to stability in retirement, pensioners are also four-times as likely to be forced back to work in order to make end meet if they have never seen an IFA.

However, despite these findings, half of respondents said that they have never used or sought independent financial advice.

Just 14 per cent of respondents said they had sought specific independent financial advice about their retirement.

The study questioned more than 3,000 Britons, breaking down the results by age, gender, region and key city, marital status, health status and exposure to independent financial advice.

It found that retirement preparation levels are lowest in Wales, while Sheffield, Brighton, Cardiff and Plymouth are all so-called 'hotspots of low preparation', with more than 50 per cent of the pre-retired population claiming to be totally unprepared.

Chief executive of MGM Advantage Chris Evans said: "Our nationwide research suggests that in many ways, an IFA is better than a life coach. It is a startling acknowledgment of the contribution financial intermediaries have made over the past 25 years to Britain's quality of life in retirement.

"We now know for certain that there's a direct link between financial security in retirement and seeking financial advice, even if you don't have a substantial nest egg. This is particularly encouraging for people who are convinced that they have put too little aside or that it's too late to start saving."

The research follows MGM Advantage's rebranding from MGM Assurance and as a specialist in the retirement income market, announced yesterday (2 June). (See story.)