Where do Australians get their financial advice?
NobleOak research finds most Australians foresee hardship in 2023, but where and who are they turning to for advice?
According to NobleOak’s seventh annual national survey conducted in 2022, the majority of respondents believe that an economic downturn or recession will significantly impact them in 2023 causing them to lose part or all of their income for an extended period of time.
Here’s what’s most surprising: Despite the rising tide of recessionary pressure, most Australians aren’t seeking financial advice from a professional resource. In fact, 80% of respondents don’t use a financial adviser at all. This reduction in the use of an adviser is a steadily increasing trend seen in the past seven years of research conducted by NobleOak.
Other studies seem to support this finding. For instance, Finder’s 2022 survey found that as few as 16% of Australians — equivalent to 3.2 million people — are using a professional financial adviser. Of course, this raises the question: Where are people finding their financial advice?
Last year’s annual survey revealed that Australian consumers considered the internet as their primary source of general financial information. Considering the breadth of knowledge available online, this came as no surprise.
However, this year’s survey showed a change: This year, consumers ranked family as their preferred source of general financial information, with the internet trailing in second place. It seems that more respondents are valuing advice from their family in the face of economic hardship than ever before.
Despite this change, the internet remains a popular resource in terms of financial decision-making. When it comes to insurance products, Australians prefer to research and compare their choices online before purchasing. In fact, 53% of people use a website to compare offers before making a purchase. Also, more respondents indicated that they’re buying personal insurance online (i.e., either through a website or mobile app) – continuing a steady upward trend over the past few years of NobleOak research.
With a potential recession ahead, it seems wise for consumers to do their due diligence and research their options when considering important purchases such as life insurance.
Check out the full report for more information or take the next step and get a life insurance quote online today from NobleOak.
Disclaimer: This is general information only and does not take into consideration your individual circumstances, objectives, financial situation or needs.