More Aussies turn to newspapers for financial advice

Australians are more likely to turn to newspapers and online media than professional advisers and financial planners to help with financial decision making, according to CoreData research.

Superannuation was revealed to be our biggest financial concern, ahead of tax, family financial matters, paying off loans, investing in shares, managing investment risk, property investing and saving, according to the study of almost 4000 Australians.

Being able to support their desired lifestyles in retirement was listed as the number one financial goal of respondents who believed they would need, on average, almost $1 million to do so.

Other goals included travel, growing investments, minimising tax and paying off a mortgage.

Despite the results, respondents expected to derive only a quarter of retirement income from super — with half expected to come from their own funds or assets.

“This report shows one of the upsides [of the financial crisis] is that awareness of super funds has risen, which is a positive for an industry which has traditionally struggled to engage its members,” said Kristen Paech, CoreData analyst for advice, wealth and superannuation.

“But the report did highlight the challenge the advice industry faces in convincing people about the value of seeking advice. Despite a concerted effort to articulate this value, consumers are still more likely to turn to the media for information than to professional advisers when making financial decisions,” she said.