There are many factors that play a role in a healthy and fulfilled life. These factors generally fall into three overarching categories: physical health, mental health and financial health – and they’re often connected. Good financial health can provide many benefits, including:

• Having control over day to day finances.

• The capacity to absorb a financial shock.

• Being on track to meet financial goals.

• Having financial freedom to make choices to enjoy life.

Not only that, the Financial Planning Association of Australia’s inaugural Value of Advice index revealed that Australians with an active relationship with a financial adviser experience benefits beyond financial advantages. According to the index, no matter someone’s wealth or age, the study found advice promotes and enables better quality of life – advised people generally suffer less financial stress, enjoy a higher quality of life, have more financial confidence, and are more satisfied with their wealth.

Yet many Australians don’t engage a professional financial adviser – they think they don’t need one or can achieve their goals by simply putting away money in the bank. Here are the top four myths about financial advice:

1. I don't need a financial plan because I’m good at saving

Preparing for retirement involves more than simply saving money. Professional advisers can help with investment strategies, taxation and ever-changing regulations, and know what benefits or tax cuts you may be eligible for. Even if you’re well under way to achieve your goals, financial advice can be invaluable in:

• keeping you informed about the latest wealth strategies and products, as well as changes in legislation;

• managing turning points in your life, such as redundancy, inheritance, retirement or having children; and

• helping you manage risk and take a strategic approach to investing.

2. Financial advice is expensive

The cost of financial advice can be a barrier for people. But the Value of Advice index found that advised Australians overwhelmingly believe that advice has made them tangibly better off financially and that its value outweighs the costs.