Research from Colonial First State has found 93 per cent of Australians believe people need financial advice and almost two in three are interested in using the funds in their super to pay for that advice.
The ‘CFS Empowered Australian’ report, based on a survey of 2247 Australians in September 2023, found an overwhelming majority of consumers believe financial advice is needed, with many agreeing that financial advice is most needed by those who are struggling financially (52 per cent) or have an average amount of money (22 per cent). By comparison, only 15 per cent of Australians believe advice is most needed by the wealthy.
When asked if they would be interested in using funds already invested in their super to pay for a retirement plan, 61 per cent of Australians said yes. The strongest interest was from younger Australians aged 25 to 29. Three in four men (76 per cent) and a similar number of women (70 per cent) in this age group were interested.
Meanwhile, 74 per cent of consumers who already have a financial adviser said they are interested in using their super to pay for advice.
The findings coincide with recent government announcements aimed at providing greater clarity around the ability for members to pay for advice using their superannuation – including by expanding the scope of advice that can be paid for using funds from a member’s superannuation account.