Most Aussies ‘waiting until 11th hour’ for advice: YBR

Only 22 per cent of respondents to YBR's national survey of 1,000 people had used a financial adviser and more than 40 per cent of those respondents were 55 years of age and over.

"Australians are still burying their head in the sand and waiting 'til the eleventh hour to get financial advice to help them build a comfortable retirement," YBR said in a statement.

The survey revealed that the commonest reasons people gave for not using a financial adviser earlier in life included the belief that they do not need one (63 per cent); cost (34 per cent); reputational worries (15 per cent); the perception that advisers are only for the wealthy (14 per cent); and embarrassment about the state of their finances (12 per cent).

YBR also cited ABS data that shows almost two thirds of Australian retirees are relying on government welfare as their main source of personal income.

YBR spokesperson Lyndsey Douglas said the real advantages in having a planner come if you start earlier in life.

"Too many Australians are relying on government welfare because their superannuation, annuity, dividends, interest or rental property income isn't lasting the distance in retirement," she said.

"If you're only just getting financial advice when you're close to retirement, there's significantly less that can be done to make your savings stretch further."