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
The central bank has released its decision on the official cash rate following its November monetary policy meeting.
ASIC has cancelled the AFSL of a Melbourne-based managed investment scheme operator over a failure to pay industry levies and meet its statutory audit and financial reporting lodgement obligations.
Melbourne advice firm Hewison Private Wealth has marked four decades of service after making its start in 1985 as a “truly independent advice business” in a largely product-led market.
HLB Mann Judd Perth has announced its acquisition of a WA business advisory firm, growing its presence in the region, along with 10 appointments across the firm’s national network.
