Financial advice

Jul 15, 2014

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%).

Opinion of financial advice

Jul 15, 2014

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%)

Trust in financial planners

Jul 15, 2014

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.

Royal Commission

Jul 15, 2014

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.

Regulation of industries

Apr 1, 2014

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.