Advice gap a barrier to Australian dreams, says FPA
New research by the FPA has shown an increase in the number of Australians with financial dreams, even though a majority still have no financial plan in place to realise those dreams.
Ahead of its 2016 Dare to Dream Financial Planning Week, the FPA released the findings of research conducted to uncover the top financial goals, hopes and dreams of Australians.
The research also aimed to identify barriers to their seeking professional advice.
In a statement today, the FPA confirmed that 51 per cent of Australians are dreaming more about the future than they did five years ago. However, 63 per cent have not mapped out a financial plan to turn their goals into reality.
“The findings of our Dare to Dream research show that as a nation, we are dreaming more, but we often aren’t living to our full potential," FPA chief executive, Dante De Gori, said.
“This might be because of fear, apathy, or a lack of planning. For financial planners, these are valuable insights into their client base."
The research, which surveyed 1,016 Australians, including Baby Boomers, Generation X and Generation Y demographics, found that the most common goal was a financial one.
Mr De Gori said the industry needs to begin to “reframe the conversation around financial advice by showing consumers that, by seeking the right advice from a financial planner, they can achieve their dreams, whether that be home ownership, travel, investment, or simply to pursue their hobbies and interests".
He hopes the research will open up more frank conversations around financial wellbeing and get more Australians thinking about a financial plan.
“The good news is that 82 per cent of those surveyed are optimistic about their future, and we believe that with the right advice, this optimism can translate to achieving their dreams," Mr De Gori said.
Former CBA adviser permanently banned
The corporate regulator has permanently banned a former Commonwealth Bank-aligne...
Hayne devalued financial advice, says AFA
The Association of Financial Advisers has called out the Hayne royal commission ...
Brexit has inflicted serious damage, says advice CEO
Brexit has created unprecedented damage to the UK’s financial services industr...