The ongoing cost-of-living crisis has notably intensified concerns, with over half of those surveyed expressing greater anxiety compared to the previous year. In response to these challenges, CFS's superannuation chief executive, Kelly Power, has advocated for financial advice as a critically beneficial resource for Australians navigating these tough times. Power emphasized that those with access to professional financial guidance experience markedly improved financial sentiments compared to those without.
A substantial 82% of Australians agree that financial advice should be universally accessible. Recognizing the intertwined nature of financial and mental health, the research revealed that financial struggles have impacted the mental well-being of one in five men and a third of women. Power stressed the urgency of integrating these findings into national discussions to ensure financial guidance reaches those in dire need. Enhancing systems that enable financial advisers to serve more clients has become increasingly vital.
The data also demonstrated the transformative effect of financial advice. Individuals without access to professional guidance were twice as likely to report negative mental health impacts due to their financial circumstances. Furthermore, a lack of access to advice correlated with negative impacts on personal relationships, lifestyle decisions, and living arrangements.
Nonetheless, the accessibility of affordable financial advice remains a formidable challenge for many Australians unable to meet the associated costs. Addressing this gap is critical as the demand for financial support continues to rise.
