Lack of Trust Holding Australians Back From Financial Advice

By: ce | 9 Dec 2015




70 percent of Australians are unsure who to trust for financial advice and this is holding them back from seeking professional financial help, according to a new global study by the Financial Planning Standards Board and Financial Planning Association.

This is significantly higher than the 66 percent of people who felt the same way around the globe. It’s a worrying statistic when you consider that 64 percent of Australians believe it’s very important to trust their financial planner.

Because Australians are unsure whose financial advice they can trust, they typically look for money advice in other places. Aussies are twice as likely to ask family and friends for financial guidance, and even more likely to seek advice online than ask for professional help.

Despite a reluctance to seek professional financial help, Australians do want guidance in their money matters. The study found Aussies were most interested in budgeting and debt management, followed by retirement planning.

“The survey reaffirms our own findings and validates our strategy of lifting education and professional standards of professional financial planners to help earn the trust of more Australians,” Mark Rantall, chief executive of the Financial Planning Association, told Money Management magazine.

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