Consumers receiving professional financial advice have added an average of over £150,000 to their wealth, according to a new report.

Those who have received professional financial advice have an average wealth of £236,897.

Britons with some kind of financial plan are on average £110,000 better off than households without a plan, according the report from wealth manager St James’s Place.

Those with a financial plan in place have an average wealth of £191,536 compared to £82,364 for households without a plan.

Source: St James’s Place Financial Health Report, 6 March 2023

Alexandra Loydon, director of advice policy and operations at St James’s Place, said: “Looking ahead to the rest of the year, consumer confidence is likely to remain fragile as several factors contribute to ongoing financial pressures on households.

“To navigate this backdrop, it’s crucial that people take steps to make their money work harder. Our research shows just how much of a difference a financial plan can make in building better financial health, regardless of age, income or where we live.”

The report also found that having a financial plan in place had a positive impact on how comfortable Britons felt about their financial position.

More than six in 10 (65%) said having a plan makes them feel more confident in their financial position. Additionally, more than half (52%) of those with a plan described their current financial position as comfortable compared to 36% without one, and three-quarters (76%) said they are financially resilient versus 57% who don’t have a plan.

Younger workers were most likely to have a financial plan in place with 52% having a plan in comparison to just 28% of those over the age of 55.

• Opinium surveyed 6,000 UK adults between December 2024 and February 2025 for St James’s Place’s Financial Health Report.