Financial planning advice from certified planners unlocks multiple benefits: Study

financialexpress.com:

How you manage your money decides how well you can utilise it for your own well-being as well as for your loved ones. If not managed well, money can become a source of stress for many people. It can take a personal toll on people, impacting their quality of sleep and even their mental health. However, not everyone can manage their money and future financial needs on their own. This is where professional financial planners come in to support people in taking control of their financial lives. However, are such planners really effective? A study commissioned by the Financial Planning Standards Board (FPSB) suggests they do.

The recently published study presents a compelling comparison between the personal experiences of individuals who navigate their financial journey alone, those who work with a financial planner, and importantly, those who seek advice from a Certified Financial Planner (CFP), a professional certificate awarded by FPSB upon completion of a rigorous CFP curriculum.

The study examined the value of financial planning, measuring the financial and non-financial impact of financial planning across the quality of life, financial confidence, financial satisfaction and experienced value while debunking the myths surrounding financial planning and analyzing the future of the profession.

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The study finds that people who work with a professional financial planner feel better off both financially and more broadly. They report having a better quality of life, enjoying more financial confidence and resilience and feeling more satisfied with their financial situation. That said, the following are some more interesting findings of the