A new national study from Yellow Brick Road has found most Australians wait until they’re close to retirement to seek professional financial advice. Just 22 percent of the 1,000 Aussies surveyed said they’d used the services of a financial adviser. Forty percent of those were 55 years or older.
The study revealed Australians are reluctant to seek financial advice for a number of reasons. Sixty-three percent of those surveyed felt they didn’t need financial advice, while 34 percent were deterred by perceived costs. Fifteen percent said they were worried about the reputation of financial advisers while 14 percent believed their services were only for the wealthy. Twelve percent of those surveyed said they were too embarrassed about their financial situation to discuss it with a professional.
Failing to seek professional advice early can have serious implications for your financial future. Australian Bureau of Statistics data shows more Australians than ever believe they won’t retire before the age of 70. Twenty-three percent of Australians think they’ll need to delay their retirement plans, compared to just 8 percent a decade ago.
Many Australians are also doing it tough after leaving the workforce. Two-thirds of Aussies rely on government welfare as their main income source. While half of Australians independently fund their retirements, they risk outliving their savings.
Chase Edwards is here to help all Australians enjoy greater wealth now and prepare for their futures. We’d love to sit down with you for a financial health check so you can learn more about your financial situation and how we can help. This is absolutely free and you’re under no obligation to use our services if you don’t feel they’re right for you. What have you got to lose? Call Chase Edwards on 1300 854 833 to book your complimentary financial health check today.