According to a recent report, receiving financial advice not only helps improve financial wellbeing but also benefits emotional wellbeing.

The poll of 4,007 people carried out by Royal London found those who received financial advice were on average £47,000 better off.

The study found that 63% who received expert advice said they felt financially secure, compared to 48% who did not receive advice.

People who had sought advice also had a better understanding of protection policies and retirement planning strategies; around a quarter of non-advised people said they did not know where to start with life insurance (23%) or serious illness protection (24%).

This suggests that advised customers feel up to three-times more confident in their understanding of financial products.

More than a third (35%) felt anxious about their financial situation as a result of the Covid-19 pandemic, while 65% felt more prepared for the unexpected.

Tom Dunbar, Distribution Director at Royal London, said:

“Individuals who receive advice are more likely to feel confident about the future, and less likely to feel anxious or worried.

“It’s easy to see why clients turned to financial advisers when the pandemic struck.

“Now more than ever, households need the reassurance, expertise and confidence that professional advisers can provide to help them weather a difficult financial climate.”

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We can provide independent advice on all aspects financial planning, from investments and retirement planning to life insurance, mortgages and providing for the next generation. Give one of our advisers a call today on 01483 205890.