The emotional value of financial advice
- Two thirds (66%) of advisers state their main role through the cost of living crisis is to provide reassurance and peace of mind for clients
- Support provided through financial advice helps reduce worry by more than half – 21% of advisers say their clients are anxious about the cost of living, compared with 46% of the wider population
Financial advice delivers many benefits, but in a time of challenging economic conditions it’s the emotional support that clients value the most, according to two thirds of advisers.
Royal London’s research on the impact of the cost of living crisis, carried out with over 200 financial advisers, identifies peace of mind and reassurance as the main benefits of professional advice, helping clients to feel more confident about money.
Rising costs mean UK households are having to find an extra £441 a month on average compared to this time last year, causing real concern. But the findings show much less concern from those who can turn to a financial adviser. Nearly half (46%) of consumers say they’re extremely or very worried about costs, compared to just 21% of advised clients, according to financial advisers.
A double whammy of inflation at 40-year highs, remaining stubbornly in double digits, and a steady climb in interest rates means UK households continue to face a difficult year ahead. It’s not a surprise that advisers say inflation and market volatility are causing clients the most concern, followed by the impact of interest rates on mortgage payments.
Clare Moffat, pensions expert at Royal London, said:
"Rising costs are having a dramatic impact on people and their emotional health and it’s at times like this with so much economic uncertainty that an adviser’s range of skills comes to the fore.
"Having a financial adviser to actively manage a client’s wealth brings many benefits, other than just the expected financial benefits. It’s the softer skills that advisers deliver alongside advice, like reassurance and peace of mind, that bring the value of financial advice to life for clients, helping them to feel better about themselves and their finances, especially in times of crisis."
For further information please contact:
Neil Cameron, PR Manager
- Email: neil.cameron@royallondon.com
- Mob: 07919 171969
Notes to editor
Royal London commissioned surveys by Opinium between 1 and 6 March 2023, with a sample of 218 financial advisers and a sample of 4,000 nationally representative UK adults between 27 February and 6 March 2023.
About Royal London
Royal London is the UK's largest customer-owned life, pensions, and investment company, and one of the top 30 mutuals globally*. With over 160 years of heritage and no external shareholders, we're able to take a long-term view, focusing on supporting better outcomes for our customers.
Today, Royal London looks after 8.4 million life and pension policies, with £212 billion of assets under management and over 5,000 colleagues**. In 2026, we shared £199 million of our profits with approximately 2.4 million eligible customers.
We invest in partnerships that reflect our values, including being the only Founding Partner of the first British & Irish Lions Women's Team, supporting women's and girls' rugby across grassroots and elite levels to help develop the next generation of players and coaches. All driven by our commitment to doing what's right for our customers.
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*Based on total 2024 premium income. International Cooperative and Mutual Insurance Federation Global data, 2026.
**Figures quoted are as at 30 June 2026.
