A study released earlier this week 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 had below average mental health.

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

Financial Planners have told Financial Planning Today that the study reflects what they have been seeing from clients for a long time.

Rob Lewis, director at Celtic Financial Planning, said he often sees the 'weight' lift from the shoulders of his clients at the end of their regular Financial Planning meetings.

He said: “I’d say that Financial Planning has a huge positive impact on wellbeing and health, countless times I’ve seen the weight lifted from clients’ shoulders when they’ve discussed managing wealth, especially around pensions planning and plotting the best way to drawdown.

“In my experience cashflow modelling has been a massive help.”

Martin Bamford, said that his team at Informed Choice often hear from clients that the Financial Planning process gives them a great deal of peace of mind, and often has a direct result on their health.

He said: “I can think of one couple where Financial Planning demonstrated they could afford to retire early, without too much risk of running out of money at a later date, and this free time allowed them to spend more time walking and in the allotment.

 “We often think of wealth in terms of money and perhaps status, but better measures are time freedom and health. While we often need money to fund freedom, which creates time for improved health, it's not until you go through the Financial Planning process that you discover precisely how much is needed.”