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'.
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People who take financial advice '£40,000 better off'
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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.
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