At face value, the role of the financial adviser is pretty clear – help you make the most of your dough, and make sure you’re on track to achieve your financial goals. But recent research suggests there’s more to it than that. In fact, multiple studies have found that financial advice can actually have a positive impact on your mental health.
Research from IOOF found that people who received ongoing financial advice experienced:
- 13% greater levels of overall happiness
- 23% increase in peace of mind
- 19% less likely to have arguments with loved ones
It’s important to note that this isn’t just about the accumulation of wealth. The actual process of seeking and receiving financial advice can actually improve your mental health, particularly when it comes to two key areas:
- Environmental mastery: This is the feeling of being in control of your financial situation. When you have a financial plan in place, and you know that you’re on track to achieve your goals, it can give you a sense of peace of mind and reduce stress.
- Positive relationships: Financial advisers can help you build stronger relationships with your loved ones. For example, they can help you have difficult conversations about money, such as how to split bills when you move in together, or how to save for a child’s education.
If you’re feeling stressed about your finances, or if you’re not sure where to start, it’s a good idea to speak to a financial adviser. They can help you create a plan that’s right for you and your goals, and they can provide support and guidance along the way.
Here are some of the benefits of seeking financial advice:
- Peace of mind: Knowing that you have a financial plan in place and that you’re on track to achieve your goals can give you a sense of peace of mind.
- Reduced stress: Financial stress can have a negative impact on your physical and mental health. Seeking financial advice can help you reduce stress and improve your overall well-being.
- Improved relationships: Financial advisers can help you build stronger relationships with your loved ones. They can help you have difficult conversations about money, such as how to split bills when you move in together, or how to save for a child’s education.
- Increased wealth: Financial advice can help you make smarter financial decisions, which can lead to increased wealth over time.
If you’re thinking about seeking financial advice, here are a few things to keep in mind:
- Find a qualified financial adviser: There are many different types of financial advisers, so it’s important to find one who is qualified and has experience working with people in your situation.
- Get everything in writing: Once you’ve chosen a financial adviser, be sure to get everything in writing. This includes your investment objectives, the fees you’ll be charged, and any other important information.
- Be prepared to ask questions: Don’t be afraid to ask your financial adviser questions. The more you know about your finances, the better decisions you’ll be able to make.
Seeking financial advice can be a great way to improve your financial situation and your mental health. If you’re thinking about it, I encourage you to take the next step and speak to a qualified financial adviser.