Half of Australian Adults Have Never Sought Retirement Advice

Half of Australian adults have never sought professional retirement advice, according to a survey released this week by Stockspot, an online investment platform. The research, which polled 1,000 Australians, found that 50% of respondents have never consulted a financial advisor regarding their retirement planning. Among those who have not sought advice, 35% stated they believe they can manage their retirement savings themselves, while 22% cited the cost of advice as a barrier. Another 18% expressed a lack of trust in financial advisors. The survey also revealed a generational divide, with 60% of Baby Boomers reporting they have never sought retirement advice, compared to 45% of Gen X and 38% of Millennials. Stockspot's managing director, Stuart Smith, noted that this widespread lack of engagement with financial advice could lead to significant underfunding of retirement for many Australians. The research highlights a critical gap in financial literacy and proactive planning, with implications for future economic stability and individual financial well-being.