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The Value of Financial Advice for Pension Funds

According to a report published by the Value of Advice Campaign, consumers who seek independent financial advice could provide themselves with a retirement income boost of more than £2,780 per year. This compares to a monthly increase of around £232 for the average consumer.

The findings of the report established that there were two main reasons for this, including that those who seek pension advice contribute on average over one third more to their pension fund than those who aren’t advised. As well as this it found that those who had received financial advice were better protected financially than those who hadn’t.

One of the findings of the report focused on the fact that consumers who had been advised on saving for their retirement had, on average, twice as much in their pension pot than those who hadn’t. This is because those who had been advised were putting around a third more into their retirement fund monthly.

In a nutshell the report highlighted that those who had taken advice were positioned far better for retirement than those who hadn’t. The current situation for consumer’s presents delayed retirement ages and longer life expectancy, and it is important to put provisions in place for this.

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