Only just over half of Australians feel confident when managing finances and investment, according to Roy Morgan Research, indicating a need for professional financial advice.
According to research released by Roy Morgan’s Consumer Single Source survey of 50,000 Australians, 52.5 per cent of consumers are confident about managing their finances, with 30.5 per cent indicating the lack of confidence stems from never taking taken the “time to understand how financial products work”.
Roy Morgan spokesperson Norman Morris said the findings indicate a growing need for financial advice services.
“With one quarter to one third of the population across all the segments not spending time to understand how financial products work, there is an opportunity for financial institutions and government bodies to engage people in furthering their education, simplifying products and making less frequent legislative and product changes,” Mr Morris said.
“A wider spread use of financial advisers and planners beyond investment purchases would also be valuable.
“Financial confidence can be improved through a better understanding of how finance products work and choosing the best products to suit individual needs.”
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 19 Sep 2018Linchpin funded advice business in liquidationBy James Mitchell
- 19 Sep 2018McMaster: Where was ASIC on Beacon, CBA and AMP?By James Mitchell
- 18 Sep 2018Peter Kell resigns as deputy chair of ASICBy Eliot Hastie
- 18 Sep 2018Two former Macquarie advisers given 10-year banBy Adrian Flores
- 19 Sep 2018Raiz addresses Millennial advice gap with chatbotBy Reporter
- 18 Sep 2018FASEA a ‘disaster’ destroying the industry: AIOFPBy James Mitchell
- view all