Financial advice improves emotional wellbeing - Royal London research

The life company found that the vast majority of the 17 million people who have received financial advice in the UK felt positive about their adviser.

Eight out of 10 (82%) clients were satisfied with the quality of advice and expertise while just below that (81%) were pleased with the communication style and trustworthiness.

In addition, two thirds (63%) of people who received financial advice felt financial secure and stable compared to below half (48%) who had not received advice.

Of those who had not received advice, two-fifths (41%) felt anxious about household finances compared to a third (32%) of those who were advised. 

Elsewhere, lower income households that sought financial advice also felt more in control of their finances with two thirds (65%) feeling confident compared to 52% who felt in control despite not receiving advice.

Similarly, only two in five (39%) lower income advised households worried about being able to cope financially when they retire in comparison to nearly half (47%) of households who aren't advised.

Royal London intermediary distribution director Tom Dunbar said: "We have long suspected that the benefits of advice go far beyond financial gains alone and our research confirms that individuals who have received 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. But advice is most powerful - and most rewarding - when it goes beyond a one-off meeting. An ongoing relationship with an adviser amplifies the emotional, as well as the financial, benefits."

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