Almost two in five (37%) advised individuals estimate they are £40,000 or more better off thanks to receiving financial advice, according to Standard Life.
The Retirement Voice report found that 77% of people who receive advice believe their adviser has made them financially better off.
One in eight (13%) estimate their financial adviser has helped to grow the total value of their pension, savings and investments by £30,000-£40,000 and 14% think advice has increased their finances by £20,000-£30,000.
Standard Life’s research also found that ongoing advice boosts confidence, with more than eight in 10 (82%) saying advice has improved their finances, compared to 72% who only speak to an adviser on an ad hoc basis.
Furthermore, those who have frequent contact with an adviser are more likely to consider they are delivering value for money than those who take advice as and when they need it and are more inclined to believe that their standard of living is better because of their adviser’s services. More than a quarter (77%) of those receiving ongoing advice also said they feel confident they know their options for using their pension savings.
The findings also showed that retirees who take ad hoc advice were twice as likely to worry that they’re making bad decisions with their retirement finances than those who are still in regular contact with their adviser.
Warren Bright, head of intermediary advised distribution at Standard Life, said: “In today’s tough economic climate saving for day-to-day expenses, never mind the future, can be difficult. Professional advice helps to deliver tangible benefits for those speaking to an adviser – not only in monetary terms, but also in levels of confidence and financial wellbeing.
“We know that those who have an ongoing relationship with an adviser are more likely to enjoy these benefits than those who take advice on an ad-hoc basis, or not at all. With significant structural changes to the advice framework pending, the introduction of targeted support and anticipated move to address adequacy, the role of professional advisers in helping build the financial security and confidence of more UK savers has never been more important.”
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