We're a bit overwhelmed and dissatisfied with our wealth: MLC WSS

The MLC Wealth Sentiment Survey results are out, with some useful data regarding the those seeking financial advice. 

Key findings include: 

  • Thirty per cent of those seeking financial advice rate it highly
  • Eighty-two per cent of those surveyed who used a financial planner rated the advice 'good' or 'excellent', and rated it so because it was tailored, the adviser understood their needs and goals, and the adviser examined risk minimisation strategies
  • Three out of 10 had sought financial advice from another source, including friends, family, an accountant, adviser, or online
  • Over 70 per cent had received no guidance on savings, investments, superannuation, retirement, or tax planning in the past two years
  • Ninety per cent have not received advice on how they were going to finance their children's education
  • Respondents said their wealth satisfaction (out of 10) was on average 4, with their net worth at 4.1 and lifestyle at 4.7, indicating dissatisfaction
  • Around half believe they don't think they'll have enough to retire on, with 55 per cent of women saying this compared to 48 per cent of men
  • Satisfaction increases with income
  • Ninety per cent of respondents do not consider themselves wealthy
  • About half of those surveyed didn't think they had done enough to reach their wealth goals

NAB's executive general of wealth, Greg Miller, said people are busy and overwhelmed by financial decisions, and in the end, this can thwart action, leaving us in a poor financial situation.