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Family trust: Turning to relatives tops financial advice

By Cameron Micallef · October 21 2019
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egg

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Family trust: Turning to relatives tops financial advice

By Cameron Micallef
October 21 2019
Reading:
egg
Family trust

Family trust: Turning to relatives tops financial advice

author image
By Cameron Micallef · October 21 2019
Reading:
egg
Family trust

Aussies are relying on sources they trust for financial advice, with twice as many turning to relatives for advice rather than a financial adviser.

According to comparison site Finder, 42 per cent of respondents in a new survey reported asking their family members for monetary advice, followed by Google and friends at 26 per cent each. 

Just 20 per cent indicated they relied on the advice of a financial adviser.

For Finder’s money expert Bessie Hassan, the complexity of financial products available can be overwhelming and is leading consumers to turn to someone they trust.

“Parents or older family members can be a great source of wisdom, especially when it comes to budgeting – they've been there before,” Ms Hassan said.

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But she warned against relying on the family completely when it comes to modern-day finances.

“Remember that the current economic climate, along with your own personal financial circumstances may be different to what others have experienced,” Ms Hassan said, noting that “this is where doing your own research will help”. 

General financial advice-like materials, including the Barefoot Investor (12 per cent), finance magazines (11 per cent) and Youtube (10 per cent), also made the list of sources Aussies are turning to for money advice.

Ms Hassan said that while the internet can be a useful tool for accessing information, Aussies should exercise caution when researching complex money matters.

“But if you need specific advice, or you’re dealing with a complex financial situation like debt or divorce, you’re better off consulting with a professional,” she concluded.

Family trust: Turning to relatives tops financial advice
Family trust
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About the author

Cameron is a journalist for Momentum Media's nestegg. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leveraging their insights to grow your portfolio.

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About the author

Cameron is a journalist for Momentum Media's nestegg. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leveraging their insights to grow your portfolio.

Join The Nest Egg community

We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians

Your email address will be shared with nestegg and subject to our Privacy Policy

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