The Financial Planning Association (FPA) has launched an advice satisfaction index, stepping up its push to raise awareness of the “quality of life” for advised Australians.

FPA says the Value of Advice index is based on a study it commissioned researcher MYMAVINS to undertake.

The peak body announced the index last week during Financial Planning Week, alongside the release of the study findings.

FPA CEO Sarah Abood says the study makes it “undeniably” clear that financial advice delivers more than just financial-related benefits for those who have engaged a planner.

“Australians with an active relationship with a financial planner are better off in multiple ways,” Ms Abood said.

“They suffer less financial stress, enjoy a higher quality of life, have more financial confidence, and are more satisfied with their wealth.

“Regardless of the client’s wealth or age, the study found advice promotes and enables better quality of life.”

According to the study, advised Australians felt “significantly” better off across the board than those who have not engaged a financial planner.

The advised score for quality of life was 68 versus 59 for unadvised, 62 versus 51 for financial confidence and 62 versus 44 for financial satisfaction.

The findings are based on an online quantitative survey comprising of a final sample of 1051 individuals made up of Australians in the 40 and above age bracket. Of the 1051 survey participants, 212 were advised by a CFP professional, 194 by a non-CFP professional and 645 were unadvised.

Life satisfaction for advised clients is 7.3 out of 10 versus 6.4 for unadvised Australians and more than 1 in three who have financial advice are completely or very satisfied with their level of wealth, compared to less than one in five who are not.

Here are the top 10 key benefits advised Australians receive from a financial planner:

• Greater confidence in having a comfortable retirement (47%)
• Improved financial wellbeing (40%)
• Improved financial decision making (37%)
• Improved money management (33%)
• Improved general wellbeing (32%)
• Improved ability to achieve desired standard of living (32%)
• Helped with achieving financial goals (30%)
• Greater financial control (28%)
• Greater wealth growth (28%)
• Improved financial freedom (27%)