{"id":13567,"date":"2011-12-06T21:01:37","date_gmt":"2011-12-06T11:01:37","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=13567"},"modified":"2021-04-15T10:20:43","modified_gmt":"2021-04-15T00:20:43","slug":"australians-still-sceptical-about-advice","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2011\/12\/06\/australians-still-sceptical-about-advice\/","title":{"rendered":"Australians Still Sceptical About Financial Advice"},"content":{"rendered":"<p>Australians recognise the need for a long-term plan for managing their finances, but are still sceptical when it comes to seeking financial advice from professionals, according to the findings of a recent survey.<\/p>\n<p><!--more-->ANZ has released the details of its Adult Financial Literacy report, which found that 85% of Australians said it was important to have a long-term financial plan. \u00a0However, 47% of those surveyed said they did not trust the advice of finance professionals.<\/p>\n<p>According to ANZ, the use of financial advice professionals has grown slightly over the past three years, with 38% saying they had consulted a planner or adviser about their finances (up from 33% in 2008).\u00a0 But just 18% said they had spoken with their adviser in the past 12 months. \u00a0In contrast, 32% said they had consulted their friends and family for financial advice during the same period.<\/p>\n<p>The survey also asked participants to identify the main reason for choosing their current financial adviser. \u00a028% said they acted on a recommendation from friends or family, with a further 15% saying they were referred by a financial expert.<\/p>\n<p>ANZ Head of Financial Inclusion and Capability, <strong>Jane Nash<\/strong>, said Australians had become more conservative following the global financial crisis, and as a result savings levels have risen and people have looked to reduce debt.<\/p>\n<p>&#8220;This change has resulted in a higher proportion of people feeling more in control of their financial situation, up four percentage points to 81%. \u00a0Despite this, there is still a small group of people (3%) who said they are feeling out of control all of the time and 16% who said they fluctuate in and out of control,&#8221; she said.<\/p>\n<p>Those likely to feel most out of control were people with household incomes of less than $65,000 with children living at home, and people with a mortgage of more than $300,000 and a household income of less than $100,000.<\/p>\n<p>In relation to protecting income and employing a strategy to manage debt in adverse financial circumstances:<\/p>\n<ul>\n<li>33% of those surveyed said they had life insurance, compared to the 62% who said they held private health insurance<\/li>\n<li>Life insurance was most likely to be held by men aged between 35 &#8211; 59 years old, with personal income of over $80,000 a year and who carried significant debt (ie: a mortgage of more than $300,000)<\/li>\n<li>Only 17% of those surveyed agreed strongly with the statement that they would be able to manage if they experienced a major loss of income<\/li>\n<li>Less than half of those with some kind of insurance said they were aware that if they failed in their duty of disclosure their claim could be refused<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Australians recognise the need for a long-term plan for managing their finances, but are still sceptical when it comes to seeking financial advice from professionals, according to the findings of a recent survey.<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-13567","post","type-post","status-publish","format-standard","category-general"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/13567","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=13567"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/13567\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=13567"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=13567"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=13567"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}