Australians trust financial advisers but will not pay more than $400 for face-to-face consultation, latest research reveals.
Latest research from ING - conducted in conjunction with Rice Warner - shows financial advisers are the most trusted source of financial advice across all generations. Interestingly, the two youngest generations seem to hold the most faith in advisers, with more than half of Gen Y (aged 24-38) and Gen Z (16-23) indicating advisers were the most trusted source of financial advice.
However, Gen Z were by far the most likely to turn to their parents for financial advice with more than 50% indicating they trusted the advice of mum and dad. About 30% of Gen Z indicated other family members were a trusted source of financial advice too.
According to ING, Baby Boomers (54-64) and Gen X (39-53) turn to financial advisers to help them stay in control of their finances, while Gen Y and Gen Z seek adviser assistance to help them plan for long-term goals like home ownership.
The research also found Australian's were not willing to pay more than $400 for an annual strategic financial plan delivered face-to-face.
Gen Z is willing to pay the most for annual face-to-face advice, happy to fork out $394. The tightest generation is Gen X, who said they would pay just $232.
The report also outlined the different reasons Australians seek financial advice. For older generations, getting financial advice is about staying on top of their finances. But for Gen Y and Z, life triggers such as buying a home or the start of their family prompt them to access advice.