Only 15% of Australians who say they care about their family the most have an active relationship with their financial adviser, according to a study by ASX-listed, diversified financial services company Perpetual.
This is despite the fact that the more people care about their family, the more willing they are to contribute financially in order to protect them.
The survey polled 3,000 Australians about their key priorities in life. Family (88%) is the area that resonated most, followed by one’s financial situation (69%) and physical health (69%). The differences between men and women are subtle, with women giving family a slighter higher weighting than men (91% vs 84%).
Mr Gary Lembit, Senior Manager of Client Insights and Analytics at Perpetual, said,.”Family and the need to protect family is at the core of what drives financial behaviour. Family protectors are conscious of their spending; they’re not splashing their money around.”
“They’re generally more careful with their money and will seek to live within their means.”
The study also suggests those who are more family conscious want their children to find financial freedom.
“As much as these Australians whose priority is protecting their family are willing to help their family financially, they are also far more likely than other Australians to want their children to choose their own path in life and be financially independent,” Mr Lembit said.