Most people don’t hesitate to seek advice from professionals when they need it; getting a second opinion from a health specialist, seeing a personal trainer to whip you into shape, even assembling flat-pack furniture prompts us to get help from the experts! However, many people think that getting financial advice is only for when you’re close to retirement, and that couldn’t be further from the truth.
Did you know?
The number of Australians who worry about their financial position*:
- 65.7% of Australians say they worry about money at least monthly.
- 23.5% of Australians say they worry about money daily.
- 37.4% of Australians say financial issues have affected their physical health.
- 52.8% of Australians say financial issues have affected their mental health.
Despite this, only 27%+ of Australians got financial advice in the last 12 months; the majority of which are in the 55-64 age bracket.
What’s stopping people from getting financial advice?
Some of the reasons why people don’t get financial advice:
- the perceived high cost of advice
- the idea that financial advice is only for the wealthy
- thinking that they can manage their finances themselves
- there’s plenty of time to worry about retirement planning.
Not getting financial advice can cost you down the track
Despite having one of the best super systems in the world, many Australians don’t end up with enough for their retirement and end up outliving their savings.
In fact, 25% of Australians are expected to outlive their savings by more than 10 years^ and it’s for this reason that getting financial advice pays off in the long run.
Why financial advice pays off
Getting financial advice really pays off in the long run - for those who have received financial advice#:
- 77% believed the advice had helped them feel prepared for retirement
- 72% believed they had a better understanding of what to expect in retirement
- 80% believed advice had given them more peace of mind; and
- 75% believed the advice they received was more than worth it.
In other words, apart from the financial benefit of receiving professional advice, there’s also the intangible emotional benefit of having peace of mind and less worries thinking about the future.
How you benefit from getting a financial plan
- Clear (and achievable) financial and retirement goals are set
- Having a savings strategy created for your unique circumstances
- Peace of mind knowing that your retirement income needs will be met
- The confidence of knowing that you’re on track to achieve your financial goals
Get as much (or as little!) advice as you need
Whether retirement’s a long way away, or just around the corner, seeing a financial planner now can really set you up for the future. And because everyone’s different, we offer a range of advice options to give you as little – or as much – advice as you need.
Our Member Services team can give you general advice about pretty much anything related to your super or pension account. The information you’ll get is general information and won’t take into account your personal goals, needs or situation.
Limited advice over the phone - at no cost
Members also have access to limited advice over the phone on a single topic – such as how to invest your super or pension or how much to contribute to your super account – free of charge. Call Member Services on 1800 757 607 to book an appointment with a planner.
Advice in person
If you’d prefer to meet with a planner, or you’re looking for advice that will provide you with a strategy to achieve your longer-term financial goals, it’s best to make an appointment with one of our financial planners.
* Fidelity International, November 2019: The value of advice - helping Australians navigate towards a better financial future
+ Australian Securities and Investments Commission (ASIC), August 2019 Report 627, Financial advice: What consumers really think (REP 627)
^ Rice Warner, June 2014: Retirement Savings Gap as at 30 June 2014 FSC
# National Seniors/Challenger, January 2020: Retirement income worry: Who worries and why?
The information on this page has been issued by Maritime Financial Services Pty Limited (MFS). It contains general information that doesn’t take into account your individual objectives, financial situation or needs. It’s important to consider how appropriate this general information is in relation to your situation before making an investment decision. We recommend that you seek financial advice before making any decisions regarding your super or investments. The information on this page is current at the time of publishing.