The role of the independent financial adviser has never been more important.

Why am I reiterating this now?  Because research released this week by Lloyds Bank shows how household savings in Britain have halved over the past 40 years.  In the mid-70s, families were saving on average 9.9 per cent of their income for retirement, when interest rates were on the rise, whereas now they are putting aside just 4.8 per cent of their salary, as the Bank of England base rate has fallen to a historic low of 0.5 per cent.

The fact of the matter is people are not saving enough to see them through their mature years.

As such, an independent financial adviser’s job has never been more crucial because countless research over decades highlights that individuals who work with an IFA are considerably more likely to have a successful financial strategy – which, of course, includes saving for the future and the ‘unknowns’, and securing financial freedom in retirement.

Research from the Department for Work and Pensions (DWP) earlier this month showed nearly 12 million people in the UK are not putting enough into their pension pots, and could face living on the breadline when they come to retire.

It seems that many Britons have lost their appetite for saving, and as such are, almost inevitably, looking at facing a drop in their standard of living in retirement.

This at a time when life expectancy is increasing, so savings need to stretch further; the cost of living is on an upward trend and increasing deficits are being reported in company pension schemes.  Add this to low interest rates and annuities; rising care and medical costs and constant changes in taxation, also the fact that it is highly improbable that the State will be able to financially support retirees in the future as it has done previously, and these are just a handful of reasons why forming a workable financial strategy with an IFA is imperative.

The role of the independent financial adviser is, therefore, becoming more fundamental than ever.  And the public knows this too.  Since the crash of 2008, there has been a steadily growing public awareness about all matters relating to personal finance.  People are more savvy than ever before; they understand that the best way to safeguard and maximise their wealth is to devise, manage and implement a tailor-made plan with a professional.