Nine out of 10 Australians do not understand the value of seeking financial advice, according to a survey conducted by Mortgage Choice.
Mortgage Choice’s 2014 Money Survey found that of the 1,064 participants interviewed in February 2014, 89.4 per cent said that they do not currently have a financial plan in place created by a professional financial planner.
The survey found that 68.1 per cent of those who did not have a relationship with a financial adviser admitted that they have no intention of seeking financial advice in 2014.
Mortgage Choice head of corporate affairs Jessica Darnbrough said that of the survey participants, almost 50 per cent of Australians said they did not wish to see a financial adviser because they are "comfortable handling their own finances".
Ms Darnbrough also said the survey showed 16.8 per cent of Australians indicated they would not seek financial advice because they did not have enough assets, while a further 16.3 per cent said they could not “justify the cost”, and 6.8 per cent said it is something they will do “when they are older”.
“These statistics suggest the majority of Australians do not understand the value of seeking financial advice,” Ms Darnbrough said.
“Many Australians wrongly believe that they have to be middle aged, asset-rich, and be on a large income to warrant using a financial adviser, but this is simply not the case,” she added.
“The reality is a financial adviser will work with you at any age and at any stage of your life and help you create a plan.”
The regulator has said it is currently monitoring remediation programs worth mor...
The flurry of M&A activity in the institutional advice space is driving more...
The AFA has asked the government to confirm that advisers will be exempt from ne...