Australians regret financial decisions
One in three Australians regrets making an important financial decision without any guidance from family, friends, or financial professionals, Mortgage Choice said.
By comparison, the number went down to less than 10 per cent for those who made such a decision after seeking financial assistance, the study found.
Also, people who were more informed when making financial decisions usually felt more comfortable with their decisions and were less likely to regret it.
According to behavioural economist, Dr Lionel Page, when people were faced with big and unusual financial decisions, they often found it difficult to understand the degree of risk they were facing.
Mortageg Choice's chief executive, John Flavell, said: "Whether you are buying a home, planning for retirement or just wanting your money to work harder for you, it is imperative that you seek the right financial advice".
"At the end of the day, you don't want to regret any financial decisions you make. If you want to make better choices for a better life, it pays to speak to a professional."
AUTHOR
Oksana Patron
Recommended for you
AFCA has confirmed United Global Capital’s membership of the body will not be extended to accept further complaints, avoiding a repeat of the Dixon Advisory scenario.
Three of Australia’s largest financial advice groups have shared their thoughts with Money Management on whether they would include crypto on their approved product lists.
Shadow treasurer Angus Taylor has vowed to introduce a bill to legislate a raft of financial services reforms if the Coalition is elected.
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
