Australians Seek Financial Guidance Amid Rising Cost Pressures

2

The ongoing cost-of-living crisis has notably intensified concerns, with over half of those surveyed expressing greater anxiety compared to the previous year. In response to these challenges, CFS's superannuation chief executive, Kelly Power, has advocated for financial advice as a critically beneficial resource for Australians navigating these tough times. Power emphasized that those with access to professional financial guidance experience markedly improved financial sentiments compared to those without.

A substantial 82% of Australians agree that financial advice should be universally accessible. Recognizing the intertwined nature of financial and mental health, the research revealed that financial struggles have impacted the mental well-being of one in five men and a third of women. Power stressed the urgency of integrating these findings into national discussions to ensure financial guidance reaches those in dire need. Enhancing systems that enable financial advisers to serve more clients has become increasingly vital.

The data also demonstrated the transformative effect of financial advice. Individuals without access to professional guidance were twice as likely to report negative mental health impacts due to their financial circumstances. Furthermore, a lack of access to advice correlated with negative impacts on personal relationships, lifestyle decisions, and living arrangements.

Nonetheless, the accessibility of affordable financial advice remains a formidable challenge for many Australians unable to meet the associated costs. Addressing this gap is critical as the demand for financial support continues to rise.

Published:Wednesday, 28th May 2025
Source: Paige Estritori

Share this news item:

Finance News

Clear

ASX Gains Amid Temporary Pause on Trump Tariff Policies 30 May 2025: Paige Estritori The Australian Securities Exchange (ASX) experienced an uptick on Thursday following a US court decision impacting former President Donald Trump's tariff policies. This development ignited a rally in energy and information technology sectors, resulting in the ASX 200 index climbing by 12.9 points, or 0.15%, to close at 8,409.80. Simultaneously, the All Ordinaries mirrored this performance, concluding 12.90 points higher at 8,637.80. - read more

Westpac Under Fire from Finance Sector Union Over Major Job Cuts 30 May 2025: Paige Estritori Westpac is facing scrutiny from the Finance Sector Union (FSU) as the bank plans to cut over 1500 jobs. This potential redundancy marks Westpac's most significant in the past decade, prompting the union to seek urgent clarification. The FSU also demands a halt to the proposed cuts, highlighting lack of consultation in the decision-making process. - read more

Australians Seek Financial Guidance Amid Rising Cost Pressures 28 May 2025: Paige Estritori Colonial First State (CFS) has released new findings underscoring the financial strain Australians are facing due to prolonged elevated living costs. A survey involving 2,250 respondents highlighted that many individuals are having to forsake long-term financial aspirations to address immediate financial pressures. - read more

The Australian Suburbs Offering Cheaper Mortgages Than Rent 28 May 2025: Paige Estritori New research highlights that young Australians might find it more economical to service a mortgage than pay rent in over a thousand housing and unit markets across the nation. Conducted by Ubank, the study reveals a significant disparity, as rent prices have skyrocketed 39% over five years, reaching a median of $659 weekly, compared to a median mortgage repayment of $922. - read more

Revived Interest in Financial Advising Sparks Positive Industry Shift 26 May 2025: Paige Estritori The financial advising sector in Australia is experiencing a resurgence of commitment from advisers, marking a significant shift in industry culture post-Hayne Royal Commission. According to findings from Adviser Ratings, nine out of ten advisers have expressed dedication to staying in the field, a notable increase from 74 percent in 2021. This trend was highlighted during a webinar as part of the lead-up to the 2025 Financial Advice Landscape report release. - read more

Australia's Economic Challenges: Capital Shallowing and Population Growth 26 May 2025: Paige Estritori Australia's economic landscape is confronting a significant challenge termed 'capital shallowing.' This occurs when the population grows at a rate surpassing that of investments in business, infrastructure, and housing, leading to reduced capital per worker and declining productivity. This phenomenon has become a central topic in discussions about Australia's sluggish economic growth over the past two decades. - read more

RBA Rate Cut Fuels Surge in Home Buyer Demand 26 May 2025: Paige Estritori In the wake of the recent federal election and expectations of a monetary policy shift from the Reserve Bank of Australia (RBA), there has been a noticeable uptick in home buyer activity. This enthusiasm is evidenced by a rebound in auction clearance rates in key markets, notably Sydney and Melbourne, as well as across combined capital cities. - read more