Three in four (75%) financially advised Brits reported having a higher quality of life and financial confidence, research by the Financial Planning Standards Board (FPSB) has found.
The study looked at respondents who were advised by certified financial planners (CFP) and those who were unadvised.
Nearly 40% of respondents claimed that improved financial well-being and peace of mind, financial decision-making confidence and a help in understanding financial matters are key benefits of working with a financial planner.
With almost one in two financial planning clients saying their family life (48%) and mental health (48%) benefitted from it.
The research also revealed that the biggest trigger for millennials to consider seeking advice from a planner is taking control of their money (35%), followed by buying a property (32%) and receiving an inheritance (31%).
With 53% of millennials expecting or having already received an inheritance or major financial support.
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The report highlighted that 38% of less affluent, unadvised consumers felt that financial planning could help improve financial well-being and peace of mind indicating that financial planning is not just for the rich.
Sally Plant, CISI assistant director, financial planning and education development, said: “This is one of the largest ever pieces of global consumer research undertaken, examining the benefits of financial planning and of working with a CFP professional.
“With many parts of the world experiencing economic strain and rising costs of living, it is more important than ever that we acknowledge that improved financial well-being positively impacts mental and physical health, and family life.”
