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You can’t necessarily trust your own instincts

You probably think you are sensible and can make rational decisions. But you may not realise that you are influenced by a number of behavioural biases which can result in poor decision making.

Poor numeracy skills and lack of understanding will have a negative influence on your decision making. A good adviser will help you overcome your behavioural biases.

Some of the most common behavioural biases are as follows:

  • Overconfidence – You may overestimate your ability to make the right decisions
  • Information bias – Watch out for fake or misleading news
  • Loss aversion – Fear about short term losses may result in you being over cautious
  • Hyperbolic discounting – You should avoid short-termism and take a longer-term view

By presenting facts and figures in a clear and concise way and making sure you understand the importance of taking a long-term view of your retirement needs, a good adviser will help you avoid making mistakes resulting from your behavioural biases.

If you need help or advice - Contact us

As one of the most respected specialist retirement advisers, William Burrows and Better Retirement will be pleased to help you make the right decisions at any stage of your retirement journey.

Call or email now for a free and without commitment chat.

This website is run by William Burrows and publishes generic information on annuities, drawdown and other related retirement income matters. Any information you use is at your own risk and does not constitute financial advice.

If you require financial advice you will be advised by Better Retirement where William Burrows is authorised to give investment advice. Better Retirement Group Ltd is authorised and regulated by the Financial Conduct Authority, reference number 153420.