The latest research by the Association of Financial Advisers (AFA) has been released in the form of a whitepaper entitled Great Advice for More Australians. A survey of almost 1,000 people was conducted by CoreData.
Key findings include:
People who obtain financial advice from a financial adviser tend to pay less tax and have less bad debt
Advised people feel better about their financial situation since obtaining advice
Advised people think they are in more control over their finances
About half of all surveyed advised people believed they could survive for six months or more if they were unable to work, while amongst the unadvised this number halved
Seventy-two per cent of those who had never received financial advice said that they were open to it