The MLC Wealth Sentiment Survey found that more than 70 per cent of respondents received no guidance on superannuation, savings, investments, retirement or tax planning over the last two years.
In contrast, Australians who sought the advice of a financial planner rated their services highly, with 82 per cent rating the advice as ‘good’ to ‘excellent’ because it was tailored to their specific needs, the planner identified and understood their investing purposes and goals, and because the planner looked at risk and ways to minimise it.
“The decisions we make about our money affect us every day of our lives, and they really impact our happiness, so we need those decisions to be good ones that are based on our unique circumstances and goals,” NAB executive general manager of wealth advice, Greg Miller, said.
“While some people are well-equipped to go it alone, money matters are complex for some but critical for everybody, and over time the decisions you make can have huge implications.”
The survey also found that Australians were unsatisfied with their levels of wealth, with respondents rating their income four out of ten, their net worth 4.1 and their lifestyle 4.7.
Men were slightly more satisfied than women and satisfaction levels were higher across all aspects of wealth as income increased.