We’ve all experienced it. That sinking feeling when a big bill comes in. An argument with our partner when we disagree on priorities. The impact on health or lifestyle when we have to start cutting corners, cancelling gym memberships or forgoing dinner out.
While getting financial advice isn’t a silver bullet to solving all life’s problems, recent research* shows it significantly reduces the impact that financial fears can have on your mental and physical wellbeing, lifestyle and relationships.
We’ve always felt that the benefits of financial advice go beyond the financial outcomes we help our clients achieve, but we haven’t had the data to back it up.
Recently, Colonial First State, a super and investment fund, surveyed 2,250 people (some with financial advisers and some without) to understand the impact of their financial situations on various aspects of their lives.
One of the interesting statistics the survey highlighted was that people who don’t receive advice are almost twice as likely to say their financial situation negatively impacts their mental and physical health, and lifestyle. They’re also more likely to say it affects their relationships with family and friends too.
Now, it might be easy to assume that people who have an adviser are wealthier and therefore have less to stress about. However, the data showed that irrespective of wealth, those who receive advice are better off in terms of their mental and physical wellbeing, and relationships. We have many clients who wouldn’t consider themselves as “wealthy”, and it’s a myth that you need a lot of money or a complex situation to need an adviser. In fact, part of the journey for many of our clients is to start with simple strategies that improve their financial position and grow their wealth over time.
We believe that having a trusted adviser helping you to navigate your finances will help you:
✓ develop your own knowledge and confidence over time
✓ feel more prepared to weather short time financial stresses
✓ plan for the unexpected and stay on track to achieving your goals
And now the data tells us that our clients are more likely to enjoy better health and wellbeing too.
Do you feel better when you’ve got a plan in place to help you weather any financial storm? We sure do. Make an appointment to see our friendly advice team today.
*CFS Empowered Australian Report 2025