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Savers who take advice are £47k better off

“We must now work together to get more people through the 'front door' of advice.”

Alan Chan, director and chartered financial planner at IFS Wealth & Pensions, said: "The research debunks the myth that financial advice and planning is reserved for the affluent only. It’s clear that it’s ordinary individuals who typically receive the greatest value when working with a financial adviser or planner."

He added: "There are other instances where an adviser can add value but is often overlooked in this kind of research as it is difficult to quantify. Equally as important as advising clients what they should do is advising clients against doing something that is not in their best interests.  

"For example, not to withdraw money from a pension and incur taxes if there are alternatives to explore first, not to invest money in unregulated investments which have no FSCS protection and/or linked to scam, and looking at protecting their family and lifestyle with the right insurance plans."

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