Aussies Regret Lack of Advice When Younger

Less than 1 per cent of Australians received financial advice when they were younger, but more wish they had, new research from REST Industry Super reveals.

One in four said they would try to gain a better understanding of how to manage their finances.

REST CEO Damian Hill said young Australians were setting themselves financial goals but did not receive sound financial advice early enough to reach them.

“The findings show less than 1 per cent received professional financial advice when they were younger, instead relying on their parents, friends or their own judgement to navigate their finances,” he said.

Half of those surveyed said they received most of their financial advice from their parents while one in six admitted they did not get any financial advice at all.

Of those who did get financial advice, 60 per cent said they found it useful.

Almost one in three respondents said they would have achieved more financial goals such as owning a house if they had received financial advice, Hill said.

“Over a lifetime making the most of the money you have already made can be just as financially rewarding as the pay increase that comes with the job promotion you are working towards.”

The online poll asked 1000 people aged 35-55 to think about the financial lessons they have learnt over the years and how their attitude to money has changed over time.

Only one in four had gone on to reach their top three financial targets such as buying a car, owning a home or taking a round-the-world trip, and 14 per cent have fulfilled none at all, the poll found.

Original article appeared in http://www.moneymanagement.com.au