Global consumer research
The Value of Financial Planning
People who work with a financial planner report a better quality of life, enjoy more financial confidence and resilience and are more satisfied with their financial situation.
Money can be a source of stress and worry, and the rising cost of living is the top financial concern for people around the world.
The good news is professional financial planning can help. Financial planners can help people take control of their financial lives, empowering them to feel more confident and stay on track to achieve their goals.
FPSB, in partnership with research firm MYMAVINS, surveyed more than 15,000 consumers in 15 territories to examine the value of financial planning.
The global consumer survey found:
- Financial advice unlocks the benefits beyond wealth, including better mental health. Clients report improved financial wellbeing and peace of mind (38%), financial confidence (37%), a better understanding of financial matters (36%), and greater wealth growth (33%). Over half (51%) of clients who work with a CFP professional reported that financial planning has positively impacted their mental health and family life.
- Financial planning benefits are wide-ranging. Clients report financial planning has helped them to build a realistic plan to achieve a more comfortable retirement (1 in 3), get the most out of their financial situation (1 in 3) and reduce financial worries and stress to achieve great peace of mind (1 in 3).
- Financial planning benefits more than just the wealthy. Clients with an income of US$60,000 or less report that financial planning has led to an improved family life (44%), social life (26%), mental health (46%) and increased work satisfaction (29%).
- Clients show a strong level of trust in their financial planners. 95% of financial planning clients trust their financial planner to act in the best interest of their client. This level of trust increases to 98% for clients who work with a CFP professional.
- Clients of CFP professionals experience the best outcomes. They report higher quality of life, more financial confidence and resilience, and more financial satisfaction compared to both those advised by other financial planning professionals and those who are unadvised.
- Demand for financial planning is growing. 72% of people who have never received financial planning advice would consider doing so, with 52% intending to seek financial planning advice within the next three years.
You can dive deeper into these findings here:
- Global Report
- Press Release
- Article: Busting financial planning myths wide open
- Article: Living your best (financial) life in 2023