But who can you trust to give you the best advice?
New research from Great Southern Bank shows Aussies are typically turning to trusted friends and family for financial advice. The bank’s No Place Like Home report found:
- Less than one-quarter have a current financial plan prepared by a qualified expert.
- Gen Z and Millennials overwhelmingly relied on family (43 per cent and 38 per cent respectively) and friends (31 per cent and 29 per cent) for financial advice during the past year.
- Most had not consulted a qualified professional in the past year – around one in five had seen an accountant, a similar number had talked to their current bank and only one in 10 had been to a financial adviser.
Provided your family and friends know what they’re talking about, you might come out OK.
But if you think your uncle, cousin or nanna might not understand the intricacies of your financial position you may find you’re wise to talk to your bank, an independent mortgage broker or independent financial advisor.
You might also want to check out the MoneySmart website to learn more about financial advisors.
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