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Underwater Mortgage:
A mortgage in which the balance owed on the loan is greater than the value of the property securing the loan.

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Aussies Demand Affordable Financial Guidance Amid Cost Pressures

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

Amidst ongoing economic challenges, a recent report from Colonial First State (CFS) highlights the urgent call for accessible financial advice in Australia.

Surveying 2,250 Australians, CFS discovered that 82% of respondents believe financial guidance should be available to everyone.

The connection between financial advice and stability is underscored by data showing Australians who employ advisers can financially withstand unemployment for longer periods-11 months for men and 10 months for women-compared to those without, who can last only seven and six months, respectively.

With three-quarters of Australians aged 18 to 64 expressing anxiety over rising living costs, there is a growing demand for affordable financial assistance. The report also notes that not all Australians require sophisticated financial strategies, with many needing straightforward guidance to navigate economic uncertainties.

A striking 72% of respondents advocate for financial advice priced in alignment with consumer needs, emphasizing the demand for simplified service models. Meanwhile, 26% of past adviser clients noted they discontinued services due to perceived obsolescence, suggesting new advisory frameworks could foster client retention.

The study also reveals significant barriers preventing individuals from seeking professional advice, with 36% citing unaffordability and 34% feeling the expense outweighs potential benefits. Additionally, 30% regard their own financial situations as insufficiently complex to necessitate external guidance. Misunderstandings linger, as 13% of respondents acknowledge unawareness of advice benefits, and 8% are unsure of how to engage advisory services. Alarmingly, 18% have never even considered consulting a financial adviser.

The Delivering Better Financial Outcomes reforms aim to enhance the reach and affordability of financial advice. CFS's superannuation CEO, Kelly Power, underscores this initiative's critical nature amid Australia’s demographic shift toward retirement. Power asserts that, with governmental continuity, there is a pivotal moment to finalise reforms, facilitating broader access to professional financial advice as the Australian populace ages.

Published:Wednesday, 4th Jun 2025
Source: Paige Estritori

Please Note: If this information affects you, seek advice from a licensed professional.

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Finance News

APRA Implements Cap on High Debt-to-Income Home Loans

12 Dec 2025: Paige Estritori

The Australian Prudential Regulation Authority (APRA) has announced a significant policy change aimed at mitigating risks in the housing market. Effective February 2026, APRA will impose a cap on high debt-to-income (DTI) home loans, limiting such loans to 20% of new home lending. This measure applies to both owner-occupiers and investors, with an exemption for new housing developments. - read more

Commonwealth Bank Highlights Concerns Over Surging Home Loan Demand

12 Dec 2025: Paige Estritori

The Commonwealth Bank of Australia (CBA), the nation's largest lender, has raised concerns about the current high demand for home loans, which is contributing to escalating property prices. CEO Matt Comyn acknowledged that while the bank has benefited from the surge in housing credit, such high levels are unsustainable and could undermine long-term financial stability, housing equality, and market accessibility. He suggested that a more moderate pace of credit growth would be beneficial. - read more

Black Friday Sales Lead to Surge in Credit Card Debt Among Australians

12 Dec 2025: Paige Estritori

As Black Friday sales gain popularity in Australia, consumer advocates are raising concerns about the financial strain these events place on individuals and families. The allure of significant discounts and the social pressure to participate in these sales have led many Australians to increase their credit card debt, potentially exacerbating financial stress. - read more

ANZ's Nuno Matos Takes Helm at Australian Banking Association

04 Dec 2025: Paige Estritori

In a significant development for Australia's banking sector, Nuno Matos, Chief Executive Officer of ANZ Group, has been appointed as the new chair of the Australian Banking Association (ABA) council. This appointment marks a pivotal moment for the industry, as Matos brings a wealth of experience and a fresh perspective to the role. - read more

APRA Implements Cap on High Debt-to-Income Home Loans

04 Dec 2025: Paige Estritori

In a proactive move to address potential risks in the housing market, the Australian Prudential Regulation Authority (APRA) has announced the implementation of a cap on high debt-to-income (DTI) home loans, effective from February 2026. This measure is designed to curb the issuance of loans that could pose systemic risks to the financial system. - read more

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