Australians regret financial decisions

finance

25 January 2017
| By Oksana Patron |
image
image
expand image

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."

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

1 month 3 weeks ago

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

1 month 3 weeks ago

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

2 months ago

SuperRatings has shared the median estimated return for balanced superannuation funds for the calendar year 2024, finding the year achieved “strong and consistent positiv...

1 week 6 days ago

Original bidder Bain Capital, which saw its first offer rejected in December, has returned with a revised bid for Insignia Financial....

6 days 4 hours ago

The FAAA has secured CSLR-related documents under the FOI process, after an extended four-month wait, which show little analysis was done on how the scheme’s cost would a...

3 days 21 hours ago

TOP PERFORMING FUNDS