Financial advice is “intrinsically linked” to improved mental health, a study has found.

Nearly three quarters (74 per cent) of UK adults who have sought regulated financial advice are more likely to have average or above average mental health, according to research conducted by HSBC’s insurance business.

Of those who don’t seek advice, 42 per cent said their mental health has slipped below average.

The pattern is similar for those who engage in ongoing financial planning. Nearly three quarters (72 per cent) of people who review their financial plan annually benefit from average or above average mental health, whilst half (50 per cent) of those without a financial plan said they have below average mental health.

And the same again was true for those with a plan for retirement. The study found more than three quarters (77 per cent) of people with a ‘comprehensive’ retirement plan had average or above average mental health.

This compared to those without a plan, of which almost half (48 per cent) felt they had below average mental health.

“Our study [of 3,000 UK adults] confirms that financial fitness is intrinsically linked with health and wellbeing,” said HSBC Life UK’s chief executive Mark Hussein.

“Making small changes to your financial planning today can not only have a big impact on your current wellbeing, but also improve your overall health, especially both physically and more importantly mentally in the future.”

This article originally appeared on FTadviser.com