Why Are Young Australians Ignoring Expert Financial Advice?

Young Australians are increasingly shunning expert financial
advice, turning instead to family and friends for guidance. A
recent report from Great Southern Bank revealed a surprising
trend: family and friends are the top choice of younger Aussies
for financial guidance.


While this approach might save them money on consultation fees as
it is indeed "free", the lack of comprehensive insight and
expertise that professionals provide could lead to regrettable
financial decisions. Are they sacrificing valuable insights and
potentially better outcomes?


In today's episode, we aim to address this problem by diving deep
into this report's findings. We discuss the importance of
professional financial advice and explore the role of financial
literacy education in schools, emphasising the need to start
financial planning early on. We also talk about the risks
associated with informal advice and highlight the importance of
setting good money habits from a young age.


Join us as we unpack these findings and understand why
professional financial advice is indispensable for young
Australians.


Episode Highlights:


00:00 - Introduction


02:15 - Meighan’s special house of  the week


03:07 - Report: Gen-Z and millennials favour family for financial
advice over experts


04:37 - The importance of starting financial literacy education
in schools


07:19 - Financial literacy begins at home but needs expert input


09:27 - Why is it important for millennials to start financial
planning early?


12:41 - The risks of making financial decisions based on FOMO


13:58 - Concerns over the lack of regulation and qualifications
required in property guidance


17:37 - Insights from a bank report: generational trends in
property assistance


20:14 - Reasons why people often regret not researching property
decisions more


25:11 - The importance of setting good money habits early in life


Resources mentioned in this episode:


Family and friends are Aussies’ top choice for clever
financial tips
https://www.greatsouthernbank.com.au/about/news/no-place-like-home-clever



Resources:



FREE MINI COURSE: How to price property like a
professional https://www.homebuyeracademy.com.au/freecourse

Meet our recommended mortgage brokers at Home Buyer Academy
https://homebuyeracademy.com.au/brokers

Visit our website https://www.homebuyeracademy.com.au/

Learn how to buy property without making a mistake with our
ultimate 10-step online course for first time home buyers
https://homebuyeracademy.com.au/YFHBG

If you have any questions or would like to be featured on our
show, contact us at: Your First Home Buyer Guide Podcast
support@homebuyeracademy.com.au

Looking for a Sydney Buyers Agent?
https://www.gooddeeds.com.au

Work with Veronica: https://www.veronicamorgan.com.au

Looking for a Brisbane Buyers Agent?
https://www.propertypursuit.com.au/

Work with Meighan: https://www.linkedin.com/in/meighanwells/



If you enjoyed today’s podcast, don’t forget to subscribe, rate,
and share the show! There’s more to come, so we hope to have you
along with us on this journey!


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