Approximately three in five young Australians, aged between 18 and 29, say they want financial advice but aren’t receiving it, according to an Investment Trends survey.
Investment Trends surveyed 10,367 Australians in a variety of demographics about their financial needs and the services they’ve engaged. It found 18- to 29-year-olds were the most likely to feel their financial service needs aren’t met. However, they weren’t the only demographic wanting advice. More than half of 30- to 44-year olds feel they have unmet financial advice needs, as do 47 percent of 45- to 54-year-olds, and 42 percent of 55- to 65-year-olds.
In line with these findings, older Australians are more likely to have used a financial adviser than young adults. Twenty-two percent of 55- to 65-year-olds have seen a planner, compared to 17 percent of 45- to 54-year-olds, 12 percent of 30- to 44-year-olds, and just 9 percent of 18- to 29-year-olds. This is especially troubling as the youngest demographic is the one Investment Trends found wanted advice the most.
Investment Trends believes the cost of financial advice is a key barrier for young people. It also theorised that more online financial services may improve young Australians’ engagement with financial advice services.
King Loong Choi, Investment Trends’ senior analyst, noted that different demographics also looked for advice on different financial matters. Young Australians are more likely to want advice on cash flow management and buying an investment property. For Australians facing retirement, advice on retirement planning and transition to retirement strategies becomes more valuable. Once retired, Australians want advice on aged care and estate planning.
At Chase Edwards, we pride ourselves on delivering the financial advice our customers need at any stage of their lives. With our free financial health checks, cost need not be a barrier to receiving the financial advice you want. Call us today on 1300 854 833 to organise your free financial health check and discover what Chase Edwards can do for you.