Just 10% of people who have never had any financial advice are fortunate to combine healthy finances and a positive money mindset, compared to 44% of those who have an ongoing relationship with a Financial Planner and 23% who have occasionally used a Financial Planner, according to new research from Aegon.

The report found that the average advised client reported nearly three times as much in pension savings at £246,000 compared to £95,000 for non-advised people.

This pattern was repeated across a range of other finances with advised clients reporting total non-pension savings of £65,000 versus £32,000, and lower unsecured debt at £3,700 versus £6,400.

The research also highlighted that advised clients score better on the mindset aspect of financial wellbeing. Just 9% of those without an adviser have a financial plan that stretches over 10 years, compared to 34% of advised clients. This is one of the reasons why 44% of those with an adviser said they had a concrete picture of their future selves compared to 29% of the population as a whole.

Steven Cameron, pensions director at Aegon said: “Advisers have always been very focused on making sure they can boost their clients’ wealth. But the boost to mindset, while less well recognised, can be just as important to financial wellbeing. There is a growing awareness of the benefits of incorporating financial wellbeing into financial advice processes among financial advisers and planners.

“It’s important for all of us to think about our relationship with money, our vision of our future self and most importantly what makes us happy in life. Discussing this with an adviser can make sure you are managing your finances not just to have ‘more money’ but to allow you to give your future self the happiness, joy and purpose you want in retirement.”

The Financial Wellbeing Index was based on a representative survey of 10,000 people across a range of sectors, company sizes and job roles, carried out by Aegon UK.