People who take financial advice '£40,000 better off'

For the affluent & on smaller incomes

Hannah Godfrey
clock • 3 min read

People who receive either independent or restricted financial advice are on average £40,000 better off than their unadvised peers, research by the International Longevity Centre-UK (ILC-UK) has found.

The research, supported by Royal London, found those who received financial advice between 2001-2007 had accumulated "significantly more" liquid financial assets and pension wealth than their unadvised counterparts by 2014. The report ‘The Value of Financial Advice' examined the impact of financial advice on two groups - the ‘affluent' and the ‘just getting by'. The affluent group was formed of a wealthier subset of people who were also more likely to have degrees, be part of a couple, and be homeowners. The 'just getting by' group was made up of less wealthy people with lower levels ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Sector divided on Reeves' pullback on Cash ISA reform

Sector divided on Reeves' pullback on Cash ISA reform

‘A big win for defenders of a broken system’

Sorin Dojan
clock 11 July 2025 • 2 min read
FCA flags progress on internal DEI targets and urges action on Consumer Duty

FCA flags progress on internal DEI targets and urges action on Consumer Duty

According to the FCA report 2024-2025

Sahar Nazir
clock 11 July 2025 • 2 min read
FCA reviewing client categorisation rules to distinguish retail investors from the pack

FCA reviewing client categorisation rules to distinguish retail investors from the pack

Goal of 40 more initiatives to be completed by year end

Eve Maddock-Jones
clock 10 July 2025 • 2 min read