financial advisors, financial planning
Q. Have you ever used a financial planner or received financial advice from a bank?
|
Total |
|
Income less than $600pw |
Income $600-1,000pw |
Income $1,00-1,600pw |
Income $1,600+ pw |
|
Aged 18-34 |
Aged 35-54 |
Aged 55+ |
|
| Yes |
29% |
24% |
29% |
36% |
32% |
|
16% |
32% |
42% |
|
| No |
71% |
76% |
71% |
64% |
68% |
|
84% |
68% |
58% |
29% say they have used a financial planner or received financial advice from a bank.
Those most likely to have received advice or used a planner were aged 55+ (42%) and those earning $1,000-1,600pw (36%).
financial advisors, financial planning
Q. Overall, did you receive good or bad advice?
|
Total |
|
Income less than $600pw |
Income $600-1,000pw |
Income $1,00-1,600pw |
Income $1,600+ pw |
|
Aged 18-34 |
Aged 35-54 |
Aged 55+ |
|
| Total good |
65% |
58% |
61% |
79% |
57% |
|
74% |
64% |
62% |
|
| Total bad |
10% |
21% |
13% |
3% |
9% |
|
6% |
9% |
13% |
|
| Very good |
17% |
11% |
34% |
16% |
11% |
12% |
11% |
26% |
||
| Good |
48% |
47% |
27% |
63% |
46% |
62% |
53% |
36% |
||
| Neither good nor bad |
25% |
21% |
24% |
17% |
33% |
17% |
27% |
24% |
||
| Bad |
6% |
8% |
11% |
2% |
5% |
4% |
5% |
7% |
||
| Very bad |
4% |
13% |
2% |
1% |
4% |
2% |
4% |
6% |
||
| Don’t know |
1% |
– |
2% |
1% |
1% |
2% |
1% |
– |
65% of those who have received financial advice say it was good advice and 10% say they received bad advice.
Those most likely to think they received bad advice were aged 55+ (13%) and incomes under $600pw (21%)
financial planning, trust, trust in financial planning
Q. How much trust do you have in financial planners to give you independent and appropriate advice?
|
Total |
|
Vote Labor |
Vote Lib/Nat |
Vote Greens |
Vote Other |
|
Received financial advice |
|
| Total lot/some trust |
37% |
38% |
41% |
34% |
25% |
63% |
||
| Total little/no trust |
49% |
44% |
50% |
51% |
67% |
35% |
||
| A lot of trust |
8% |
6% |
14% |
1% |
3% |
19% |
||
| Some trust |
29% |
32% |
27% |
33% |
22% |
44% |
||
| Little trust |
29% |
24% |
31% |
38% |
34% |
24% |
||
| No trust at all |
20% |
20% |
19% |
13% |
33% |
11% |
||
| Don’t know |
15% |
18% |
10% |
15% |
8% |
2% |
37% say they have a lot or some trust in financial planners to give independent and appropriate advice and 49% have little or no trust.
Of those who have received financial advice or used a planner, 63% have a lot/some trust and 35% have little/no trust in financial planners.
For those on higher incomes (over $1,600pw), 40% have a lot/some trust and 51% little/no trust.
Banking and finance, banks, Commonwealth Bank, financial planning, royal commission
Q. Following reports of fraud, forgery and a cover-up in the financial planning division of the Commonwealth Bank, there have been calls for a Royal Commission. Would you agree or disagree that there needs to be a Royal Commission into banks and financial planning?
|
Total |
|
Vote Labor |
Vote Lib/Nat |
Vote Greens |
Vote Other |
|
Received financial advice |
|
| Total agree |
73% |
76% |
70% |
75% |
71% |
80% |
||
| Total disagree |
11% |
6% |
16% |
4% |
14% |
12% |
||
| Strongly agree |
34% |
35% |
29% |
37% |
42% |
33% |
||
| Agree |
39% |
41% |
41% |
38% |
29% |
47% |
||
| Disagree |
8% |
5% |
11% |
4% |
9% |
10% |
||
| Strongly disagree |
3% |
1% |
5% |
– |
5% |
2% |
||
| Don’t know |
17% |
17% |
15% |
20% |
14% |
8% |
73% agree and only 11% disagree that there needs to be a Royal Commission into banks and financial planning.
At least 70% of all voter groups agree and 80% of people who have used a planner or received a financial advice also agree.
Actions taken on privacy, aged care providers, banking, building and construction, financial planning, mining, planning and development, regulation of industries
Q. Do you think there needs to be more or less regulation of the following, or is the current regulation about right?
|
|
More regulation |
Less regulation |
Current regulation about right |
Don’t know |
| Aged care providers |
47% |
13% |
18% |
22% |
| Banking |
42% |
10% |
30% |
18% |
| Financial planning |
40% |
10% |
26% |
24% |
| Mining |
39% |
14% |
25% |
22% |
| Building and construction |
38% |
15% |
26% |
21% |
| Planning and development |
34% |
19% |
24% |
23% |
| Private education services |
32% |
19% |
26% |
24% |
Overall, respondents were more likely to think there should be more rather than less regulation of the industries listed.
In particular, they wanted more regulation of aged care providers (47%), banking (42%) and financial planning (40%).
While respondents aged 55+ were more likely to think there was too much regulation of businesses overall, they were more likely to want more regulation of financial planning (48%), building and construction (49%) and aged care providers (55%).
48% of those on income over $1,600pw wanted more regulation of financial planning.