Two thirds (66%) of financial advisers see their main role during the cost-of-living crisis as providing reassurance and peace of mind for clients, according to a new report.

Clients value emotional support, according to a survey from Royal London on the impact of the cost-of-living crisis.

The survey of more than 200 advisers identified peace of mind and reassurance as the main benefits of professional advice, helping clients to feel more confident about money.

Two in five advisers (21%) surveyed said their clients were anxious about rising costs, compared with 46% of the wider population.

According to Royal London, rising costs mean UK households are having to find an extra £441 a month on average compared to this time last year.

Clare Moffat, pensions expert at Royal London, said: “Rising costs are having a dramatic impact on people and their emotional health and it’s at times like this with so much economic uncertainty that an adviser’s range of skills comes to the fore.

“Having a financial adviser to actively manage a client’s wealth brings many benefits, other than just the expected financial benefits.

"It’s the softer skills that advisers deliver alongside advice, like reassurance and peace of mind, that bring the value of financial advice to life for clients, helping them to feel better about themselves and their finances, especially in times of crisis.”

• Royal London and Opinium surveyed 218 financial advisers and 4,000 UK adults between 27 February and 6 March.