Media Release

Family trust: Aussies bank on relatives for money advice

        • Aussies turn to family for financial advice over any other source
        • 26% of Aussies use Google as their main port of call
        • Financial milestones to prepare for

14 October, 2019, Sydney, Australia – Mum's the word for most Aussies when it comes to financial advice reveals new research by Finder, Australia's most visited comparison site.

A recent Finder survey of 1,006 participants found that Aussies are twice as likely to turn to a relative for financial advice (42%) than they are a financial advisor (20%).

One in four (26%) would consult either Google or their friends, while 20% would visit a comparison site to help weigh up their options.

Bessie Hassan, money expert at Finder, said the range of financial advice available can be overwhelming at times, but it's important Aussies choose a source they trust.

"From superannuation to managing investments, you're never too old or too young to seek advice on managing your money.

"Parents or older family members can be a great source of wisdom, especially when it comes to budgeting – they've been there before.

"But remember that the current economic climate, along with your own personal financial circumstances may be different to what others have experienced. This is where doing your own research will help."

Finance experts like the Barefoot Investor (12%), finance magazines (11%) and Youtube (10%) also made the list of sources Aussies are turning to for money advice.

Hassan said that while the Internet can be a useful tool for accessing information, Aussies should exercise caution when researching complex money matters.

"Jumping online is a great way to find information on personal finance matters, with thousands of answers at our fingertips.

"But if you need specific advice, or you're dealing with a complex financial situation like debt or divorce, you're better off consulting with a professional."

A recent ASIC report1revealed that more than one in four (27%) Aussies have received financial help in the past, while 41% intend to seek out advice in the future.

It also showed that topics that Aussies want advice on include investments like shares and managed funds (45%), retirement income planning (37%), growing superannuation (31%), budgeting (22%) and aged care planning (18%).

1Financial Advice: What consumers really think, ASIC, 26 August, 2019

Who do you generally go to for financial advice?

SourcePercentage
Family42%
Google26%
Friends26%
My bank24%
Financial planners20%
Comparison websites20%
Finance experts (Warren Buffet, Scott Pape, Canna Campbell, Nicole Pedersen-McKinnon, Paul Clitheroe, etc)12%
Finance magazine (online and print)11%
Other11%
YouTube10%

Source: Finder September 2019 Survey

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Disclaimer

The information in this release is accurate as of the date published, but rates, fees and other product features may have changed. Please see updated product information on finder.com.au's review pages for the current correct values.

About us

Every month 2.2 million unique visitors turn to Finder to save money and time, and to make important life choices. We compare virtually everything from credit cards, phone plans, health insurance, travel deals and much more.

Our free service is 100% independently-owned by two Australians: Fred Schebesta and Frank Restuccia. Since launching in 2006, Finder has helped Aussies find what they need from 1,800+ brands across 100+ categories.

We continue to expand and launch around the globe, and now operate in the United States and the United Kingdom. For further information visit www.finder.com.au.

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