People who see a financial planner have a better quality of life and more financial confidence than those who don’t, according to the CISI and Financial Planning Standards Board.
The research conducted by the professional body found that almost two in five of those who see a financial planner said their mental health and family life had benefited.
Meanwhile when looking for a planner 60 per cent said the most important factor they valued was having someone they could trust.
Figures also showed that 81 per cent of advised people experience financial satisfaction in comparison to 76 per cent of the unadvised.
Every year the CISI hosts financial planning week to encourage people to talk about their finances and debunk myths surrounding financial planning.
Sally Plant, CISI assistant director of UK business development and education, said: “Financial planning week helps raise awareness about the role of qualified financial planners in helping people from all walks of life, and all ages – and importantly, not just the wealthy – to think ahead and plan for the future.”
Financial planning week will run between January 22-28 and financial planners UK-wide will be hosting free one-hour planning sessions as well as going into local schools to talk about financial literacy.
Last year (July 2023) a report from Wealthify and think tank The Centre for Economics and Business Research found that three quarters of the country fell below the financial literacy benchmark.
It also revealed that younger people aged 16 and 17 lack day-to-day knowledge about their finances.
Commenting at the time, Andy Russell chief executive of Wealthify said: “The findings show a clear association between age, exposure to monetary decisions and choices over time, and levels of financial literacy.
alina.khan@ft.com
