Covid-19 has left more people than ever feeling worried and stressed about the future and their financial security. However a new research report has bought some welcome news in these challenging times. Statistics show that working with a financial adviser not only helps people to save more money, it also improves the mental well-being of clients.
The research report was produced by The International Longevity Centre UK (ILC) in partnership with the Life and Pensions company Royal London, and involved speaking to over 4,000 people. One of its main purposes was to find out how financial advice improves emotional well-being. The findings from their extensive research show that getting good financial advice made customers feel more confident and in control of their financial future.
The findings confirmed that financial advice can therefore deliver more than just financial benefits. It also helps to improve the emotional wellbeing of customers by making them feel better about their money – and themselves. 34% of those interviewed said that having access to financial expertise made them feel more confident in their financial plans. Whilst 32% said having contact with a financial adviser gave them peace of mind.
The report also found that household income doesn’t make a difference to the improvement of a person’s financial and emotional well-being, regardless of whether they have a financial adviser or not. They looked to see if this result was true across different levels of affluence, by comparing individuals with a household income of over £70k with those making under £70k. They discovered that while confidence increases in line with salary, there is still a difference between advised vs. non-advised. And those on a lower household income who receive advice still feel more confident than those who don’t.
This clarity provided by the report shows the true value financial advice irrespective of a person’s wealth. This should encourage more people to have a conversation with a financial adviser, even if they don’t perceive themselves to be wealthy enough to benefit from advice.
At Fuladvice we see every day how good advice improves the wealth and financial security of our client’s lives. And also, as we get to know people over a number of years, we see first hand how this advise and the financial results provide our clients with deep-rooted security and mental well-being. To have these experiences confirmed through independent research is welcomed by our team of financial advisers.
There has never been a more important time to work closely with your existing financial adviser or to have a conversation with someone if you don’t have that relationship in place. Covid-19 has caused global volatility and disrupted many peoples plans for the future. If you would like to have a no obligation initial conversation with a Fuladvice qualified and FCA regulated advisers, please call 08000 478535 or email us to arrange an appointment.