More Aussies believe they would benefit from financial advice

According to the 2024 MLC Financial Freedom Report, as many as 24 per cent of Australians say they would benefit from professional financial advice, up from 20 per cent a year earlier.

The research, based on surveys of 2,507 Australians across diverse demographics, found that Australians see financial wellbeing as foundational for their overall quality of life, with seven in 10 Australians considering financial wellbeing extremely or very important for achieving their aspirations.

However, less than one in four (23 per cent) are satisfied with their current position and only three in 10 (31 per cent) feel extremely or very equipped to make effective financial choices.

“Australians view financial wellbeing as the ability to meet their financial needs, live free from financial stress or worries and have the financial freedom to make independent choices,” said Jenneke Mills, MLC head of technical services.

“While they have big dreams, the 2024 MLC Financial Freedom Report reveals many lack the confidence to achieve them. The research highlights that in today’s world, developing good financial habits, underpinned by family support, is key to building confidence and achieving those dreams”.

Mills revealed that overall, the report portrayed that Australians are very vulnerable to financial shocks.

Namely, the data showed that only a quarter feel prepared to navigate unexpected financial challenges, while two in five (41 per cent) worry about their finances all the time or often.

Moreover, almost seven in ten lack confidence in their ability to effectively manage their finances, with 41 per cent noting they feel only somewhat equipped and a combined 28 per cent admitting they feel slightly or not at all equipped.

“Confidence in managing your money is crucial, but it’s the right advice and accessible resources that bridge the gap between dreaming and doing,” Mills said.

“Those who seek help for their financial needs, whether it be through tips, coaching and guidance to holistic advice, are better equipped to overcome challenges and build the security they need to take control of their future.”