Lack of interest in basic financing grows
Australians are not only unwilling when it comes to seeking financial advice, nearly half are too lazy to even query a high bill with a provider, opting to pay the extra money rather than interact with a representative, finder.com.au data has shown.
Customers were unlikely to confront phone, energy and insurance providers when faced with a pricy bill, with 42 per cent (7.6 million) of Australians paying the excessive bill instead.
“People go into auto-pilot mode and just accept the bill they receive. But it’s time Aussies speak up if they feel ripped off or if they think they’ve been charged an incorrect amount,” finder.com.au money expert, Bessie Hassan said.
“If you think you’re being charged too much, negotiate your bill with your provider.”
Hassan said Baby Boomers were more likely to speak up where excessive bills were concerned (72 per cent) where half (49 per cent) of Gen Y would pay the excess.
“When managing your household bills, and ensuring you’re charged a fair price, ultimately the ball is in your court,” she said.
“Even if you’re on a contract, there’s always wiggle room.”
Recommended for you
While the Financial Services and Credit Panel can take action on individual advisers’ misconduct, a compliance professional unpacks why the panel does not always subject licensees to further action.
Platform HUB24 has reported $100 billion funds under administration in its latest quarterly results, helped by a 90 per cent rise in platform net inflows.
Progressing digital advice and seeking breakeven in the advice division are part of AMP’s goals for the upcoming financial year as it approaches 1,000 financial advisers in its licensee.
The Rask Group, in partnership with InvestSMART’s new investment platform, has announced three ETF strategies, aimed at empowering financial advisers to create and manage their own ETF portfolios.
