10 Benefits of Financial Advice

Recent research discovered that Australians that had an existing connection with a financial adviser had higher quality of life, mental health, family life and more confidence in a comfortable retirement.

Advised Australians were significantly more likely to feel financially secure than those who are unadvised (85% vs 62%), and more likely to feel very or completely satisfied with their current level of wealth (35% vs 18%).

Advised pre-retirees were twice as confident that they would have enough money for retirement (52% vs 26%) while advised early retirees were confident they would have enough to last their retirement (63% vs 40%).

Two-in-three advised early retirees said they were living a comfortable or lavish lifestyle compared to only 1 in 3 of those unadvised (67% vs 33%).

FPA chief executive, Sarah Abood, said: “Australians with an active relationship with a financial planner are better off in multiple ways. They suffer less financial stress, enjoy a higher quality of life, have more financial confidence, and are more satisfied with their wealth”.

The top 10 key benefits advised Australians received from a financial planner were:

1. Greater confidence in having a comfortable retirement (47%)
2. Improved financial wellbeing (40%)
3. Improved financial decision making (37%)
4. Improved money management (33%)
5. Improved general wellbeing (e.g. peace of mind, health and social aspects) (32%)
6. Improved ability to achieve desired standard of living (32%)
7. Helped you achieve your financial goals (30%)
8. Greater financial control (28%)
9. Greater wealth growth (28%)
10. Improved financial freedom (27%).

Source: https://www.moneymanagement.com.au/