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Here’s who Aussies turn to for money advice – and it’s not the experts

(Source: Getty)
(Source: Getty)

When it comes to financial advice, Aussies don’t seem to prefer financial advisers.

Instead, 42 per cent of Aussies would much rather ask a member of their family for money help, and are also more likely to consult Google (26 per cent) before engaging an expert (20 per cent), according to Finder.

But this isn’t always the best idea: when seeking advice for managing your money, it’s important to choose a source you trust, said Finder money expert Bessie Hassan.

“Parents or older family members can be a great source of wisdom, especially when it comes to budgeting – they’ve been there before,” she said.

“But remember that the current economic climate, along with your own personal financial circumstances may be different to what others have experienced. This is where doing your own research will help.”

More than one in 10 Aussies turn to the Barefoot Investor (12 per cent) for money advice, followed by finance magazines (11 per cent) and YouTube (10 per cent).

While it’s the easiest thing in the world to jump online and look something up on the internet, Aussies should exercise caution, warned Hassan.

“If you need specific advice, or you’re dealing with a complex financial situation like debt or divorce, you’re better off consulting with a professional,” she said.

Here’s who Aussies tend to turn to for financial advice:

(Source: Finder)
(Source: Finder)

When is it important to get a financial adviser?

Speaking to Yahoo Finance, non-aligned financial adviser James Gerrard said the following life milestones were crucial periods to have the expert of a financial adviser behind you.

  • Getting married: “Tying the knot is usually a trigger point for people to seek financial advice as they look to build a new chapter in their life, both personally and financially,” he said.

  • Getting a divorce: “At the other end of the spectrum, many people seek financial advice after divorce to rebuild and re-establish financial goals and stability. Many of my clients who started with me as a result of divorce have made comment that the financial planning process was emotionally beneficial and provided a new drive given how draining a divorce can be.”

  • Finishing university

  • Having a child

  • Getting a new job

  • Paying off the mortgage

  • Getting the kids out of the house

  • Retirement

  • Entering aged care

  • Reflecting on others’ lives: “Whether it be wanting to avoid being in a financial mess like friends, or witnessing a friend going through a terrible illness, reflecting upon your own finances in light of others circumstances triggers a lot of people to seek financial advice.”

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