People who received financial advice between 2001-2007 are £40,000 better off on average compared to those who did not.*
The report, ‘The Value of Financial Advice’, carried out by the International Longevity Centre in conjunction with Royal London, examined the impact of financial advice on two groups categorised as the ‘affluent’ and the ‘just getting by’.
The affluent group, who were more likely to have degrees, be part of a couple and be homeowners, accumulated on average £12,363 more in liquid assets and £30,882 more in pension wealth than their non-advised counter-parts.
While those who were ‘just getting by’ accumulated on average £14,036 more in liquid assets than non-advised peers, and £25,859 more in pension wealth.
The report also found that advice led to greater levels of savings and equity investments.
However the value of financial advice can go beyond receiving a return on investments. Read our blog post here to find out more.
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* Source: http://www.ilcuk.org.uk/index.php/publications/publication_details/the_value_of_financial_advice