A recent survey conducted by iReach Insights, comparing the difference between taking financial advice and not was completed by 1007 adults aged 18+ across the country. Managing your finances is complicated and getting independent professional financial advice has never been more important. Value means different things to different people. In the context of your finances it can be the return on your investment; future security; peace of mind; protection; achieving your goals or simply avoiding mistakes and availing of opportunities in front of you.
Those who used a financial broker:
- Have nearly 3 times the savings and investments than those who don’t with an average of €71,800 compared to €25,770.
- Are more than twice as likely to have a pension (71% compared to 33%)
- Are more financially protected as a result of holding more financial products
- Feel more financially confident and also feel more confident about their financial future
The survey shows how much better off those who get advice are than those who don’t. Getting practical support from a Financial Broker can make a real difference to your financial wellbeing and can result in better outcomes for you overall.
45% of Irish adults (49% men and 42% women) have used a Financial Broker to help with their financial needs, with 24% consulting their Financial Broker about once a year.
As we get older our financial needs become more complex, our financial commitments more demanding and time becomes increasingly scarce. Retired adults (61%) are most likely to have consulted a Financial Broker compared with 43% of those people who have yet to retire.
Employed people (52%) are more likely to use a Financial Broker especially those with an income of over €30,000 (60%).
There is a clear difference in the number and value of products held by advised adults and the gap is also evident for other products with advised group more than twice as likely to have life assurance (57% compared to 21%).
People who don’t have a Financial Broker are over twice as likely to regret not preparing more for retirement (39%) compared to those who do (18%).