What is the Value of Advice?
Our new research shows that financial advice encourages people to save more for retirement and helps them to feel better prepared for their golden years. When comparing the financial situations of consumers who have taken financial advice with those who haven’t, some remarkable differences become clear:
- Advised savers benefit from an additional income of £3,654 every year of their retirement
- 43% of UK savers approaching retirement increase their retirement savings levels by £98 a month as a direct result of taking financial advice, boosting their savings levels from £89 a month pre-advice to £187 post-advice
- People who receive advice feel better prepared for their retirement than those who don’t
- 78% of advisers feel they can boost clients’ retirement income if they seek advice 15 years before retirement, whereas only 28% of advisers think they can boost clients’ retirement income if they seek advice at retirement
Financial advice doesn’t just prove its worth in the hard numbers. It also plays an important role in helping consumers understand their personal financial situation and how it fits into the wider financial environment of the national and global economy.
With the advice industry in the midst of another shake-up, independent financial advice continues to be vitally important for consumers needing help with their personal finances.
Using our joint research we have teamed up with AXA Life invest to create the ‘Mind the Advice Gap’an infographic, highlighting the difference between advised and non-advised people. We not only demonstrate the contrasts, but to also prove why professional advice is worth seeking. Have a look at our infographic here.
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