Australians avoiding long-term finance plans
The vast majority of Australians know the importance of having a long-term financial plan but only a fraction are seeking out an adviser, an ANZ survey has found.
From 12,000 Australians, it found that 84 per cent believed a long-term financial plan was important but only 21 per cent employed a financial planner or adviser.
Most respondents had some financial fears relating to the future. Almost half (48 per cent) were worried about not having enough money to live comfortably in the future, while 28 per cent were concerned they could not maintain their current lifestyle in the future. Respondents lacked confidence even when their finances were on track. Just under 40 per cent (39 per cent) said thinking about money stressed them out even when things were going well financially.
Procrastination and ignoring the issue (83 per cent) were the main ways respondents said they avoided dealing with finances when they felt unconfident. However, many respondents (37 per cent) also said they talked to their partner or spouse to alleviate financial stress, while one in three exercised.
The survey found women worried more than men, with 51 per cent saying they felt overwhelmed by their finances compared to 37 per cent of men.
Worrying caused sleepless nights for many (33 per cent) as well as anxiousness (39 per cent).
ANZ managing director of retail distribution Mark Hand said speaking with an expert was the first step in putting a plan in place and taking financial control, which could make a real difference to health and wellbeing.
"A proactive plan can also help you make the most of your money and achieve goals faster, regardless of changes to the economy or other factors outside of your control," he said.
AUTHOR
Recommended for you
Following an extraordinary general meeting today, Dixon Advisory parent company E&P Financial Group’s shareholders have voted on its proposed delisting from the ASX.
While overall financial adviser numbers have dipped below 15,500 this week, Rhombus Advisory is experiencing growth and approaching 500 advisers in its ranks.
Iress’ Xplan continues to dominate the financial planning software market with a multitude of uses, according to Netwealth research, despite newer players battling for a piece of the pie.
ASIC has shared the percentage of breach reports related to financial advice in FY24, noting increased reporting by smaller AFSLs.
