A Sunsuper-commissioned study has found young Australian families who receive financial advice are likely to be almost a quarter of a million dollars wealthier at retirement than their unadvised peers.
The research, conducted for Sunsuper by CoreData, found a 34-year-old Australian couple who seek financial advice could pay for “six additional years of private education for two children, 32 years of trauma cover and a family holiday every year until retirement”.
“Most Australians have a pretty good idea of the lifestyle they want to live now and in retirement. But a lack of financial literacy could be blamed for what people believe they can achieve and what their actual financial situation will be in the future,” said Sunsuper head of advice and retail distribution Anne Fuchs.
“The extensive modelling by CoreData shows in all three case studies of couples at different life stages financial advice improved their current situation and allowed them to take additional holidays – meaning they had the financial freedom to spend money on things they enjoy.”
CoreData principal economic researcher Andrew Inwood added that in addition to the extra wealth advice clients enjoy at retirement, that advice adds value “all the way through” those clients’ lives by enabling them to make more choices regarding schooling, insurance, holidays and housing.
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