People who take financial advice ‘£40,000 better off’

People who receive either independent or restricted financial advice are on average £40,000 better off than their unadvised peers, research by the International Longevity Centre-UK (ILC-UK) has found.

The research, supported by Royal London, found those who received financial advice between 2001-2007 had accumulated "significantly more" liquid financial assets and pension wealth than their unadvised counterparts by 2014.

The report ‘The Value of Financial Advice' examined the impact of financial advice on two groups - the ‘affluent' and the ‘just getting by'.

The affluent group was formed of a wealthier subset of people who were also more likely to have degrees, be part of a couple, and be homeowners.