24 November 2020

Royal London supports PFS Financial Wellbeing Programme on value of advice

5 min read

Helen Morrissey, Personal Finance Specialist
Helen Morrissey

Corporate PR Specialist – Long Term Savings

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Royal London is supporting the Personal Finance Society’s Financial Wellbeing Programme which highlights the value of financial advice.

The programme produced by ITN Productions examines the financial challenges that consumers are facing and how financial advice can help.

The programme includes a series of news reports and interviews with people across the industry. Royal London’s head of financial capability Sarah Pennells discusses recent research from the mutual insurer which explores the impact financial advice can have on emotional wellbeing.

The research shows people who receive financial advice feel more confident about the future, and more financially resilient. Around three in five (63%) who received advice said they felt financially secure and stable compared to just half (48%) who had not received advice.

In addition, 44% of those who receive advice said they felt prepared to deal with financial shocks compared to 32% of those who had not been advised.

Sarah Pennells said: “We know that taking financial advice will have a positive effect on your financial wellbeing but what is less well known is how it can improve our emotional wellbeing. The fact that taking advice makes people feel more able to deal with financial shocks is particularly important in these current times. We all need to do more to ensure people know what to expect from receiving financial advice and the benefits it can bring.”

The programme is now available to view at https://www.thepfs.org/

-ENDS-

For further information please contact:

Helen Morrissey, Corporate PR Specialist – Long Term Savings

Notes to Editors

  1. A copy of the report Feeling the benefits of financial advice can be found here https://adviser.royallondon.com/globalassets/docs/adviser/misc/brp8pd0008-feeling-the-benefit-of-financial-advice-adviser-report.pdf
  2. To conduct this research we engaged with a UK nationally representative sample of 4,007 people.

About Royal London:

Royal London is the largest mutual life insurance, pensions and investment company in the UK, with assets under management of £139 billion, 8.6 million policies in force and 4,348 employees. Figures quoted are as at 30 June 2020.