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A report by Royal London ‘The Value of Financial Advice' examined the impact of financial advice on two groups - the ‘affluent' and the ‘just getting by'. The ‘affluent, advised' accumulated £43,245 more in liquid and pension assets than non advised. A similar result was achieved by the ‘just getting by, advised'.
The report also found financial advice led to greater levels of saving and investment in the equity market, with the 'affluent, advised' group 6.7% more likely to save and 9.7% more likely to invest in the equity market than their non-advised counterparts. Similarly the 'just getting by, advised' group were 9.7% more likely to save and 10.8% more likely to invest in their equity market than their non-advised peers. Those who had received advice in the 2001-2007 period also had more pension income than their peers by 2014, with the ‘affluent, advised' group earning £880 more per year than the equivalent non-advised group and the 'just getting by, advised' group earning £713 more than their counterparts.
