For those of us trying to commit to lessening stress in our lives in our New Year goals planning, CISI Financial Planning Week 22-28 January encourages people to take control of their finances and to seek help by speaking to a qualified financial planner.
*Research conducted in 2023 by the Chartered Institute for Securities & Investment and the Financial Planning Standards Board shows that those seeing a professional financial planner/adviser report a better quality of life, more financial confidence and more financial satisfaction, than those who don’t. It looked at how improved financial well-being positively impacts other areas of life. Almost 2 in 5 of those seeing a financial planner said their mental health and family life had benefited.
The UK research* shows that clients of a professional financial planner experience a higher quality of life (70% advised vs 66% unadvised), financial confidence (79% advised vs 69% unadvised) and financial satisfaction (81% advised vs 76% unadvised). The inflation rate was noted as the top concern for consumers (65%) when considering the current UK financial climate.
Trust is key when looking for the support of a financial planner, with 60% of respondents valuing someone they can trust as the most important factor when seeking a financial planner. Equally, advised women experience and perceive a significant value in financial planning (71% vs 74% men) compared to the unadvised.
Educational charity and professional body CISI organises the annual Financial Planning Week, to increase awareness of the benefits of qualified financial guidance supported by the UK financial planning community, led by CERTIFIED FINANCIAL PLANNERTM professionals, and CISI Accredited Financial Planning Firms™ (AFPFs).
The 2024 UK Financial Planning Week 22-28 January will focus on busting myths around financial planning and encouraging conversation around finances. The aim is to help consumers take control of their finances now, to shape their future and reach their goals.
Other key survey insights include:
- Millennials (24%) are more likely than boomers (3%) to invest in digital assets like crypto.
- People who have started investing in crypto plan to invest more in it – 46% Gen Y and 38% Gen X or older.
- Long term growth opportunities (49%) and the “fun factor” (44%) were key reasons people are investing in crypto.
Sally Plant, CISI Assistant Director, UK Business Development and Education said: "Our personal finances can be under huge pressure, particularly at this time of year, and we could all do with a little support to manage our money. Financial planning can help in offering the guidance and helping hand we all need to maintain overall well-being and financial fitness. New Year goals often include joining a gym and starting up new health regimes, so committing to seeking financial planning help can become part of the New Year routine, too.
“Financial Planning Week helps raise awareness about the role of qualified financial planners in helping people from all walks of life, and all ages – and importantly, not just the wealthy – to think ahead and plan for the future. Our find a financial planner Wayfinder website www.financialplanning.cisi.org listing allows consumers across the UK to search for their nearest CERTIFIED FINANCIAL PLANNERTM professional or CISI Accredited Financial Planning FirmTM (AFPF).”
Financial planners UK-wide will be supporting Financial Planning Week with activities including sharing articles and guides, hosting a free one-hour financial planning session and heading into their local schools to talk about financial literacy.
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*The full slide deck detailing the research findings is here 030124UKstatsFPSB_GlobalConsumerSurvey_2023_AffiliateReport_UK_v1.8 (002)
The descriptions and statistics in this report are based on insights from a global research study undertaken for Financial Planning Standards Board Ltd. and Chartered Institute for Securities & Investment by independent research firm MYMAVINS. The large quantitative
study undertaken in February 2023 involved an online survey of 1,006 UK residents over 25 years old earning over £50k or holding over £35k in investable assets. The sample included both advised and unadvised consumers. Advised consumers are those who are currently receiving financial advice, those who seek financial advice as needed and
those who have received financial advice in the past three years. Unadvised consumers, on the other hand, are those who have never received financial advice or have not received financial advice in the past three years. The advised cohort is evenly weighted across
generations in analysis and vice versa. There were 110 consumers who were advised by a CERTIFIED FINANCIAL PLANNERTM professional.