Financial advice linked to financial satisfaction

According to an insight from the Financial Planning Association (FPA), people are more likely to have an ongoing relationship with a financial planner if they are feeling fulfilled in life.

New research has shown that almost a quarter of working-age Australians believe they’re almost living their dream, while six per cent are not convinced they are, with these Australians almost three times as likely to seek financial advice than others who don’t feel the same way.

Roughly 80 per cent of Australians surveyed are worried about their money and finance, while around 25 per cent (that is largely comprised of people from generation X and Y) demonstrate acute levels of stress.

Most Australians connect ‘living the dream’ with sound personal finances, while 54 per cent believe it means having financial independence and freedom.

A low bank balance is the number one factor that prevents most Australians from living their dream lifestyle. Debt is ranked highly as one of the main factor stopping generation X and Y from living their dream.

Roughly half of generation Y respondents (53 per cent) and generation X respondents (44 per cent) found planning their life somewhat or very hard, while only 25 per cent of baby boomers felt the same.

Of the people surveyed, 37 per cent regretted not saving enough, while 29 per cent regretted investing in the wrong things or not investing enough.

FPA chief executive Dante De Gori said, ‘The research reveals a powerful data link between our nation's happiness and financial planning.’

The survey was conducted by McCrindle Research and includes data from 2,635 working-age Australians.