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Generation Y are more likely to seek financial advice from a friend or family member than a professional, according to research conducted by RaboDirect. At the same time, Gen Y is the most trusting of financial planners as a source of financial advice of all the generations. However, cost appears to be the biggest hindrance to enlisting the help of a qualified financial planner, with 60% of Gen Y respondents saying they think using a planner would be expensive.
The survey of 2300 Australians aged 18-65 also found that Generation Y was the group most likely to be stressed and overwhelmed by dealing with money (47% compared to 35% of total respondents). Gen Y’s perception that financial advice is expensive and instead seeking advice from family and friends could be having major ramifications on their financial health.
And while, as RaboDirect quite rightly points out, it’s encouraging to see that financial matters are being discussed with friends and family instead of treated as a taboo topic, it’s still important to seek the help of a qualified professional to ensure that advice is sound and tailored to individual circumstances. Seeking recommended tailored professional advice is the only way to ensure you’re getting the right long term strategies to delivery financial security. After all, financial literacy isn’t being taught in schools, so there’s a real lack of understanding out there, which concerns us.
Maddern Financial can help set younger generations on the right financial path in life and show them the benefits that come with investing in their financial well-being. Here, financial advice isn’t complex or costly, but rather simple, affordable and able to deliver far better financial outcomes for young Melburnians than could ever be achieved by asking family or friends. With more than a quarter of Gen Y saying they think they will run out of money during their retirement, it’s never too early to enlist the help of a professional to set your financial plan in place to ensure your financial future. And always remember that conversations about your financial future are best saved for when you’re seeking trusted professional financial advice from an independent financial adviser. Despite what you think, family and friends don’t always know best when it comes to financial matters, so don’t be tempted to take their advice on the best investment strategies for you.
If you would like to arrange a complimentary appointment with a financial adviser, please contact us here.