Australians avoiding long-term finance plans

cent ANZ financial planning research and ratings financial planner

6 May 2013
| By Bela Moore |
image
image
expand image

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.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

14 hours ago

Interesting. Would be good to know the details of the StrategyOne deal....

4 days 19 hours ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks 2 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

2 weeks 4 days ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

3 days 17 hours ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

2 days 20 hours ago