Young people seeking money management advice
Retirement income adequacy and superannuation are the top concerns for Aussies, according to the Financial Planning Association of Australia (FPA).
After wrapping up their annual Financial Planning Week, the FPA's chief executive, Mark Rantall, said Australians as young as 16 are concerned about their finances.
"This year's Financial Planning week made it clear that Australians are concerned they won't have enough money to retire on, giving us specific insights into consumers' pain points and how financial planners might help alleviate that stress," Rantall said.
"It's encouraging to see that the appetite for financial advice in Australia spans across different demographic groups, with young people wanting to learn more about the basics of money management early on."
Rantall said although it is often assumed that young people are not actively looking to manage their finances, the week revealed their appetite for advice is similar to those in the retirement age group.
Unsurprisingly those aged 55 and over were the most engaged with the campaign and sought answers on how to prepare for retirement and how to maximise their retirement income, Rantall said.
"This year's Financial Planning Week delivered the message that the right advice from a professional financial planner can have a positive impact on their financial future at every stage in their life," he said.
"As more Australians understand that financial advice can benefit them, we expect to see the number of people using a financial planner rise."
Recommended for you
Over half of wealth management clients in Asia-Pacific say they are looking for more advice in investment and financial planning services, according to EY, and may switch or add new providers to achieve this.
As artificial intelligence continues to reshape how the advice industry operates, Adviser Ratings unpacks which areas advisers are using the technology to improve the client experience.
Insignia Financial has appointed the former APAC head of a global asset manager to its board.
Financial advisers have been warned against advising clients to withdraw superannuation for medical or dental treatments as a new report highlights the long-term effect on balances at retirement.