Over half of Australians, 52.8%, name financial issues as having an impacted their mental health*.
Most men, and women, find themselves worrying about financial stress at some point in their life.
With rising inflation and everyday expenses creating a cost-of-living crisis, it’s no surprise that financial issues are one of the top causes of stress among Australians.
It’s also widely recognised that money problems and mental health issues are often intricately linked.
Debunking the myths of financial advice
So, then why is it that financial advice uptake is still relatively low in Australia?
Many Australians who have never sought financial help or advice may hold common misconceptions.
- 37% of Australians thought they couldn’t afford financial advice,
- 35.8% felt their circumstances didn’t justify the need,
- but almost one in five (18.9%) just didn’t know where to start.
This highlights the stark amount of work we, as a super fund responsible for the retirement savings of over 1.8 million Australians, need to do in raising awareness about the avenues people can use to access advice.
Advice for every Australian
The good news? The progress made through the pandemic into the world of online learning, means that there has been an increase in accessibility to financial help, education and advice.
We strongly believe that all Australians should be able to access quality advice, and that getting advice shouldn’t be daunting or just for people who might be considered already financially well-off.
The truth is that many of our members wouldn’t be able to access simple advice if it wasn’t provided as part of their super at no additional cost, and offering advice digitally helps us the increase the reach and accessibility of financial education, allowing us to help more members.
Our online advice solutions are designed to help with your investment choices, understand your insurance needs, make the most tax effective contributions, and understand whether you’re on track for the retirement you want. With so many self-assessment tools readily available online, understanding your personal financial situation and determining ways to reach your money and retirement goals has been made easier than ever.
Start your super health check today
For those ready to kick start the conversation, Rest Advisors are always on hand to help for a more in-depth discussion about your personal financial situation*.
Mind over money
When it comes to financial decision making, stress is often unavoidable, by arming yourself with the resources to help you better manage your finances, you can add an extra level of comfort to your overall wellbeing.
If there is one thing to keep in mind during the current climate and throughout your life, it’s that your mental health is priceless. You can give yourself the healthiest chance this Men’s Mental Health Day and seek advice in whichever way you need it.1. Fidelity International (2020): The value of advice report
* Rest Advice may be accessed by members without incurring additional fees for simple advice. An advice fee may be payable for complex advice. You should read the Rest Advice Financial Services Guide, which you can obtain by calling us on 1300 300 778, before accessing these services.
Issued by Retail Employees Superannuation Pty Limited ABN 39 001 987 739 (Rest), trustee of Retail Employees Superannuation Trust ABN 62 653 671 394 (Fund).
This information has been prepared without taking account of your objectives, financial situation or needs. Before acting on the information or deciding whether to acquire or hold a product, consider its appropriateness and the relevant PDS and TMD which are available at rest.com.au/pds and rest.com.au/tools-advice/resources/tmds.
The cost of providing financial services is included in the fees as disclosed in the relevant PDS. Rest and the Fund do not charge additional fees or obtain commissions for the advice provided. Rest employees are paid a salary and do not receive commissions. They may receive a performance related bonus that takes into account the financial services provided. Super Investment Management Pty Limited, a wholly owned company of Rest, manages some of the Fund’s investments. Rest has no other relationships or associations with any related body corporate or product issuer that might reasonably be expected to influence Rest in providing financial services. For more information, contact us at rest.com.au/contact-us.
This article is current as of 31 October 2022.