In the last two years, only 30% of Australians have sought advice on key money matters and most of them are unsatisfied with their wealth, according to a survey by MLC, the wealth management arm of National Australia Bank (NAB).
The Q4 2016 MLC Wealth Sentiment Survey found over 70% of respondents failing to get guidance on savings, investments, superannuation, retirement or tax planning, and 90% failing to receive advice on children’s education financing.
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However, respondents who sought financial advice also rated it highly, especially when it came from a professional. 82% of the respondents rated the advice from a financial planner as ‘good’ to ‘excellent’.
When asked to rate their satisfaction with their wealth out of ten, respondents rated their income at four, net worth at 4.1, and lifestyle at 4.7. Ninety percent of the respondents said that they do not consider themselves ‘wealthy’ and around one in two believed that had not done enough to reach their wealth goals.
About one in two Australians held the view that they will not have adequate to retire on. The view was found to be more pronounced among women compared to men.
NAB executive general manager of wealth advice Greg Miller said: “The decisions we make about our money affect us every day of our lives, and they really impact our happiness, so we need those decisions to be good ones that are based on our unique circumstances and goals.
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By GlobalData“While some people are well-equipped to go it alone, money matters are complex for some but critical for everybody, and over time the decisions you make can have huge implications.”
