Gen Y Disconnected From Legal Financial Advice

A recent survey shows that Gen Y barely relies on certified financial planners for financial advice, depending much of their decisions and strategies on family, friends and even on banks before considering help from financial advisers.

The 2013 RaboDirect National Savings & Debt Barometer (NSDB) found that 36% of the respondents from Generation Y relied on family and friends for financial advice. 33% would use a bank for advice, but a measly 13% would even consider asking help from a financial planner.

The major driver why financial planners are considered as the least option is because 60% of the Gen Y respondents believe that hiring a financial planner is expensive.

RaboDirect National Manager Bede Cronin has urged financial planners to use this data to engage the younger generation on the benefits of having a financial planner. Aligning their strategies to convince the younger generation to seek professional help will ensure that the younger generations understand the opportunities that will aid in their financial well being.

Read more about this on the Financial Standard website.