The study found that those who use a Financial Planner had the best mental health.

Three quarters (74%) of those who told HSBC Life they seek professional financial advice said they have average or above average mental health.

Among those who did not seek expert advice, 42% said they have below average mental health.

Nearly three quarters (72%) of those who review their Financial Planning at least once a year said they benefit from average or above average mental health.

For those who did not engage in regular Financial Planning, half said they have below average mental health.

Over three quarters (77%) of those with a comprehensive retirement plan said they had average or above average mental health and 3 in 10 said they felt physically fit.

Looking to those without a plan, the study found almost half (48%) felt they had below average mental health and 43% felt physically unfit.

Mark Hussein, CEO of HSBC Life UK, said: “Our study confirms that financial fitness is intrinsically linked with health and wellbeing.”

The study also saw a boost to mental health and physical fitness among those who take out healthcare protection products.

Three quarters (75%) of respondents with adequate protection said they had average or above average mental health, while half (51%) of those who did not have protection said they have below average mental health.

HSBC Life’s +Factor study surveyed 3,000 UK adults between March and April.