Women prefer mums over financial advisers
Only 22 per cent of women say they use professional financial planning or accountancy advice, with more than half self-taught in finance and budgeting, while 22 per cent sought advice from their mums, a survey revealed.
St George Bank's survey of 1000 women around Australia found 68 per cent of Australian women see themselves as the chief financial officer of the household, while 84 per cent are self-taught with no formal training in finance.
Head of city, retail banking at St. George Bank, Neelam Tandon, said 18-24 year olds are most likely to have self-taught on how to budget by using the internet, while 55-64 year olds were most likely to have sought financial advice.
"But looking at this earlier on in life could help assist households to budget better and save even more," she said.
"It's also important for households to consider a financial plan and the appropriate amount of insurance and income protection for their family, in order to protect their hard earned wealth."
Top three financial tips mothers and grandmothers passed on to kids were to have your own independent savings account (50.8 per cent), always have insurance (27.9 per cent) and work hard (64.1 per cent).
However, today's mums advise kids bearing in mind current costs of living and housing, with most advising their kids to be a savvy saver, according to Tandon.
"The most popular advice to today's children from mum is don't borrow money if you can't pay it back (27.5 per cent); save and save some more (20.5 per cent), followed by start saving early to buy a house (12.5 per cent)."
AUTHOR
Malavika Santhebennur
Recommended for you
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.
A $3.5 million settlement for victims of Melissa Caddick has been approved by the Federal Court following an initial agreement last December.
The Reserve Bank of Australia has delivered its first rate decision since the introduction of a new board structure last month.
Digital advice provider Otivo has launched an interactive tool, powered by artificial intelligence and Otivo’s own advice engine, to help answer client questions.
