Consumers who have reported they are comfortable with their financial situation and lifestyle are three times more likely to have sought professional advice or have a financial plan, according to new research released by the FPA.
The FPA released its “Live the Dream” national survey for Financial Planning Week in which it found that 23% of people believed they were ‘definitely’ or ‘mostly’ “living the dream”.
The survey of 2,635 working age Australians, conducted by McCrindle in May 2017, also found this group of people was nearly three times more likely to seek the advice of a financial planner (24%) compared to people who described themselves as not yet living the dream, where only 9% had sought advice.
The research found that while around 80% of respondents had some form of stress about money and finances, with one in four reporting acute stress levels, Gen X and Y respondents reported very high levels of stress and low levels of planning.
“The research reveals a powerful data link between our nation’s happiness, and financial planning…”
According to the survey, half of Gen Y respondents (53%) found planning their life somewhat/very hard and 44% of Gen X respondents stated the same, compared to only 25% of Baby Boomers who responded the same way.
The FPA stated that most measures people used to assess whether they were “living the dream” were linked to personal finance with 54% of respondents believing it to mean having financial freedom and independence.
“The research reveals a powerful data link between our nation’s happiness, and financial planning. It’s my hope we’ll inspire more people with this research and the various stories and insights we’re releasing this Financial Planning Week to seek sound financial advice to unlock their own dreams,” said FPA Chief Executive, Dante De Gori.
I think it is a natural process for people to be wary of institutions like banks and investment firms
Social media the news in all its forms never seems to show a positive outcome for someone who has sought assistance with their finances and been happy and content with the results they have received and direction they are now confidently heading in
However! When something bad or adverse happens the media is all over it and projects advisers and advice in a whole different light or should I say darkness!!
Bad news sells and that is why people are hesitant to ask for advice according to the media everyone is out to get them
No wonder when people actually take the ” plunge” and look to and receive the right advice that the records show them as satisfied or extremely satisfied
As advisers we all know we can and do make a difference we just need the right promotion to push our abilities to those who struggle a little and are being swayed by the srtkcles of a doom and gloom
Get more positive articles out there and watch the attitudes change
Common sense should tell us all that we need help in certain areas not just finance I would ask you all in the industry who can put in a new hot water system without the help of a qualified plumber Common sense !!
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