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Professional financial advice matters

Professional financial advice is a necessary step to achieve financial freedom and security. Thoroughly evaluating your needs and personal goals,  allows you to make informed decisions about how to best allocate your resources.

What does financial advice do for you?
A professional financial plan, gives you the confidence and peace of mind to pursue your short-term goals and work towards your long-term future. Professional guidance, will you inspire you to realise that you have far more resources at your disposal than you ever imagined.

A recent study shows:
UK consumers who receive professional financial advice can expect to retire, on average, three years earlier than those who do not seek professional advice. Advised consumers can plan for retirement at age 66 as opposed to non-advised consumers who expect to retire at 69[1].

This underlines the positive impact that professional financial advice can have on retirement preparations. Those who seek advice feel better equipped for their later years. The study identified that twice as many people who seek financial advice create a detailed spending plan in retirement compared to those who don’t take advice.  45% of advised people fall under this category, as opposed to 18% of non-advised consumers.

Enjoying retirement for longer
Financially advised consumers expect to fund their retirement for a longer period – an average of 23 years. For non-advised people it is less attractive at 17 years before pertinent cutbacks must be made. Additionally, the study reveals that financial planning tends to be beneficial for people already in retirement.

96% of wealthy retirees who did a great deal of financial planning or just planned their finances slightly say they’re enjoying their retirement. This drops to 72% among those who have done no financial planning.

No advice means more pronounced regrets
Regrets for non-advised retirees are more pronounced. The majority state that they require more money in retirement compared to their original estimates.  As such they wished they had planned more thoroughly, compared to advised people.

Despite having a higher household income, 23% of wealthier pensioners, with an income of between £40,000 and £49,999, wish they had planned more thoroughly. This indicates that the value of advice remains consistent regardless of income.

Significant variation
Planning for retirement can be overwhelming, leading to several considerations. Financial advice is crucial for people to feel more confident and prepared about their future. The research results underscore the significant variation between the retirement plans and experiences of those who have taken advantage of financial advice and those who haven’t.

Start Planning Now!
The research findings demonstrate the value of professional financial advice in terms of the retirement age and the enjoyment of one’s retired life. So start planning today, and take the first step towards a brighter tomorrow. Contact us now to find out how we can help you. https://hscfinancial.co.uk/contact/

Source data:
[1] Boxclever conducted research for Standard Life among 6,000 UK adults. Fieldwork was conducted between 6 Sept–16 October 2022. Data was weighted post-fieldwork to ensure the data remained nationally representative on key demographics. Comparisons to data from last year are taken from Boxclever research among 4,896 UK adults conducted between
16–23 July 2021.

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