It's official: financial advice is good for your emotional wellbeing

Tuesday 29th September 2020

It's official: financial advice is good for your emotional wellbeing

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Article By Jan Bailey

It's official: financial advice is good for your emotional wellbeing

As financial advisers, we hope you will forgive us for being passionate advocates of the benefit of good financial advice. However, we were pleased to read new research from Royal London that demonstrates how good financial advice helps to improve individuals’ emotional wellbeing – especially in times of crisis.

The research was conducted amongst a nationally representative sample of more than 4,000 of the company’s customers in June 2020. In summary, it showed that financial advice helps to improve the emotional wellbeing of individuals by making them feel more confident and financially resilient than those who had received no such advice.

In addition, the survey found that those who had an ongoing relationship with their financial adviser were twice as likely as those who did not to feel in control of their finances. Another main benefit mentioned was increased peace of mind.

The research also revealed that financial advisers really do help people to improve their financial knowledge and understanding, particularly of protection and retirement planning products. Those surveyed were shown to be three times more confident in their understanding of financial matters compared with people who didn’t have an adviser.

Conducted in the middle of the COVID19 pandemic, researchers asked those who had not taken financial advice how they felt about their finances. Over one third (35%) reported feeling anxious about their financial situation. Sixty-five per cent said the pandemic has caused them to better appreciate the value of being more prepared for life’s shocks.

At Brunsdon Financial, we are committed to providing high quality, focused, holistic financial advice and are proud of the fact that our business has developed largely through recommendation and long-term client loyalty and relationship building. Please do contact us to discuss your financial situation or retirement options.