Managing personal finances to ensure that you are optimising your current financial standing and planning for an improved future financial destiny while also being prepared for unforeseen eventualities, can be challenging and complex.
The value of expert financial advice has never been more compelling in helping consumers achieve their financial goals and address their financial requirements through professional and objective advice on protection; savings/ investments and pension offerings.
• The average pension pot is valued at €128,933 for those who use financial advice and €62,600 for those who do not. This represents a 105% difference in those who have used financial advice
• Up to 55% of respondents who use financial advice own a life assurance policy by comparison to 24% who do not use one
• 37% of all adults in Ireland have used financial advice with 33% of this group citing a Financial Broker as those they would trust most for financial advice
• 55% feel more in control of their finances having used financial advice
• More than half (55%) feel more in control of their finances having used financial advice
• The amount in saving/investments for those who have used financial advice is €81,890 by comparison to €53,200 for those who have not used financial advic- 53% higher in value than those who do not
• 96% of those with financial advice see a good return on money as important when considering investment.
The survey findings clearly illustrates that those who have received financial advice and guidance are in a stronger financial position from this support which can help to influence a better and more positive outcome towards their current and long term financial status and well-being.
The value of advice clearly represents different things to different people. In the context of personal finance, it can be a return on savings or investment; future security in the form of a pension fund; protection products which provide better peace of mind and security; achieving personal financial
goals or simply availing of opportunities as presented. With more money invested and greater financial security, people feel more in control and therefore have greater confidence in their finances, both now and in the future.
WHO SEEKS FINANCIAL ADVICE
55% feel more confident that they are in control of their finances having sought financial advice.
More than 1 in 3 (37%) have used financial advice to help with their financial needs with 48% consulting their advisor less often than once every 3 years.
1 in 3 (33%) of those who have used financial advice trust a Financial Broker for this advice.
Regionally there is a relatively even split from those who use financial advice including;
Based on these research findings, it is evident that those who receive financial advice are more likely to achieve greater personal financial benefit through guidance in pensions, saving/investment and protectionservices by comparison to those who don’t receive financial advice.
Working with a Financial Broker can help individuals to achieve long term financial goals and ensure that their day to day financial well being is being managed in a proficient and structured manner to ensure optimum results and outcomes for their current and future financial standing.
The benefits of engaging with a Financial Broker are clear. Receiving regular financial advice and check ups will help to realise financial needs today and in retirement while protecting against the unexpected ‘bumps’ along the way to ensure a more seamless and holistic journey to
future financial freedom and security.
Mark Winters and Henry Bourke trading as Allied Financial are requlated by the Central Bank of Ireland.