Monday, September 09 12:00:20
Independent research carried out on 1,000 adults across the country reveals that those who use a financial adviser are substantially better off financially and have twice as much savings, larger pensions and feel more financially secure.
The research finds that those who consult a financial adviser have more than twice the value in savings and investments (E50,800 compared to E24,447) than those who don't. It also shows that the average pension pot is 75 percent greater for those who use the services of an adviser than those who don't (E87,564 compared to E49,820).
Diarmuid Kelly, a financial broker, said "This survey demonstrates, for the first time in Ireland, the real value brokers are adding to people's lives and it is considerable."
The surveys additional findings highlight other emerging trends between those who avail of the services of a broker and those who don't. It shows that 57 percent of the people who avail of a broker have a life assurance policy compared to 27 percent of people not using a broker.
Those who use a financial adviser on a regular basis (more than once a year) are significantly wealthier and more financially confident with a Financial Confidence Index score of 53 out of 100 versus a score of 46 for those who don't use an adviser at all.
Kelly added "at a time of great economic difficulty those who have consulted a Financial Broker have the comfort of knowing that they are better prepared for the future and consequently, feel more confident".