The financial areas that concern Australians the most
While many people see the benefit of working with financial advisers, there are barriers that are stopping them from seeking advice, such as cost, perceptions that financial advice is only for the wealthy and distrust of the industry.
For those who do seek advice from financial advisers, there are some common financial concerns they seek assistance with. The most common areas being investments, retirement income planning and how to grow superannuation.
1. 45% of Australians surveyed are interested in advice on investments such as shares and managed funds
2. 79% of Aussies seek advice from financial advisers because they believe the adviser has more expertise than themselves
3. Almost 1 in 3 Australians are dissatisfied with their financial situation
For 77% of Aussies, financial regret is mostly related to past behaviours such as not saving enough when they were younger, not investing enough and not having a thorough understanding of their financial position. A survey conducted by the University of Melbourne found that most Australians are ill-prepared to deal with financial shocks, yet many are overwhelmed by their finances. A lack of trust in their financial institution or adviser means their financial situation remains.
In an alarming statistic, approximately half the Australian population has an unmet advice need, showing the opportunity for financial advisers to provide their expert advice. For those who do seek financial advice, 41% choose their adviser based on their level of experience and 38% on reputation.
It’s clear that while many Australians are wary of the industry, financial advisers can play an important role to help individuals better manage their finances, especially when it comes to superannuation, investments, income planning and budget or cash flow management. Find out more about how a financial adviser could help you take better control of your finances.