Surveys reveal the need for professional financial advice

Two surveys have exposed the cost of people not seeking advice – early enough – from a professional financial planner:

1. Australians regret the lack of advice theyreceived when they were younger

Less than 1 per cent of Australians received financial advice when they were younger, but more wish they had, according to new research which was reported in Money Management magazine.

One in four said they would try to gain a better understanding of how to manage their finances.

The report revealed that young Australians were setting themselves financial goals but did not receive sound financial advice early enough to reach them.

Half of those surveyed said they received most of their financial advice from their parents while one in six admitted they did not get any financial advice at all.

Of those who did get financial advice, 60 per cent said they found it useful.

Almost one in three respondents said they would have achieved more financial goals if they had received financial advice.

*Money Management 5 May 2014
+’Developments on the level and distribution of retirement savings’ report by ASFA September 2011

2. Women’s retirement savings remainfar from super

Research by the Association of Super Funds of Australia+ suggests that the average super fund balance for Australian men is almost twice as much as that for women. Reasons why women have less super is in part likely to be because they have less opportunity to contribute to super because (as reported in various publications):

  • They tend to take breaks from work to raise children or to care for others
  • They tend to earn less than men for the same job
  • They tend to retire earlier than men.

Conclusion

We believe the key lesson to learn from these surveys is that it’s never too late to obtain quality financial advice.

Good advice can always enhance your financial wellbeing.

So, if you need help with your superannuation, investments,mortgage, life insurance and/or retirement planning, seek help now from one of our advisers.

If you already have an adviser, but you know someone who needs help, invite them to see your financial planner.