According to recent findings by Roy Morgan, 6 million Australians are seeking advice about their financial situation from their friends and families.
The research house’s latest Single Source Survey, which is based off interviews with 50,000 consumers, approximated that 3.5 million Australians have been approached by their friends and families to provide financial advice.
This equates to 17.2 per cent of Australians over the age of 14 considered “trusted advisers”.
Of these individuals, more than one in three had banking and finance portfolios that put them in the top 10 per cent of financial institution customers, suggesting wealthier and better educated Australians were considered by their community to have better expertise.
This is reflected in the data, as those with personal incomes of $120,000 per annum or over (32.2 per cent); professionals, managers and small business owners (26.9 per cent); and those with a degree (23.4 per cent) all recorded higher average incidences of “trusted advisers”.
Of the 16 largest consumer banks, Citibank was found to have the largest proportion of customers (34.5 per cent) that were asked by friends or family for financial advice, followed by ME Bank with 32.2 per cent.
ANZ customers were the most likely to be asked for advice of the big four banks (21.2 per cent), preceding NAB with 20.4 per cent, Westpac with 19.5 per cent and CBA with 17.9 per cent.
Roy Morgan noted that bank customers who provided advice to their friends or family were considered representative of their chosen financial institution, with the perceived quality of the advice given potentially inspiring customers to consider joining or leaving a bank.