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
The director of Ascent Investment and Coaching, Michael Dunjey, has been charged with 33 criminal offences.
Adviser Ratings’ latest financial landscape report finds there is a demographic of advice practices achieving an average revenue of $5 million, with only 3 per cent of practices overall seeing a revenue decline.
The FAAA is calling for regulators to take a partnership approach with financial advisers regarding incoming legislation, rather than treating the industry as “guinea pigs”.
There have been strong numbers of returning advisers this year so far, according to Wealth Data, already surpassing the same period for 2024.
