The 'Value of Advice' report examines how consumers have made better product decisions after seeking advice. Some 76 per cent of advised people said they believed they made suitable product decisions compared to 67 per cent who did not receive advice.
Advised consumers were also more likely to have life insurance, critical illness cover, a private pension and a stocks and shares Isa.
Receiving advice also affected consumers' behaviour as advised consumers contributed more to their pensions for a longer period of time and paid more into their investments, leaving them £232 per month better off in retirement.
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Furthermore, advised consumers were more aware of the amount they had saved for retirement as 73 per cent knew the size of their pension pot.
Dave McGovern, head of retail marketing at Standard Life, said: "The onus is increasingly on individuals to make provisions for their long-term savings but navigating your way through financial services can be a daunting prospect.
"Our Value of Advice' report highlights how going to a financial adviser can add value, not only by advising on the most suitable products but also by providing invaluable ongoing support and counsel.
"Like other forms of professional advice, such as from solictors and accountants, we need to clearly demonstrate that while there is a cost for the service financial advisers provide, it is one well worth paying for."

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