Advised clients are more than twice as likely to have a structured financial plan in place than non-advised clients, St. James’s Place (SJP) has found.

Its research showed that 68 per cent of advised clients had a structured plan compared to 32 per cent of non-advised clients.

They were also more than twice as likely to be working towards a specific financial goal, at 37 per cent compared to 16 per cent.

More than three quarters (78 per cent) of people with a structured financial plan in place felt on track to achieve their saving and investment goals compared to 45 per cent of those without.

Despite this, just 42 per cent of adults in the UK had a structured plan in place, with 32 per cent saying they had no plan at all.

While 87 per cent of those saving towards a goal said it motivated them, just 22 per cent were currently saving or investing towards a specific target.

Over a third (37 per cent) said the barriers were psychological, while 15 per cent felt planning was too complicated.

SJP’s research highlighted the importance of professional advice in supporting people moving from intention to action and sustain progress over the long term.

Almost all (95 per cent) people receiving ongoing advice said it helped them reach and stay on track with their goals, while 85 per cent felt their saving, spending, and investing aligned with their wider life aspirations.

“January is when many people feel motivated to take control of their finances, but good intentions alone rarely deliver long-term change,” said SJP head of advice, Claire Trott.

“Our research clearly shows that having a structured financial plan makes the biggest difference, providing clarity, discipline and a framework that keeps people on track even when life gets busy.

“With defined goals and a plan to follow, people are far more likely to make consistent progress and feel confident in their financial decisions.

“Advice then builds on that foundation, offering guidance and reassurance to help people stay focused on what truly matters to them over the long term.”

---