The Royal Commission into the banking, superannuation and financial services industry has investigated a whole range of issues.

You might have seen it in the media and heard some of the negative stories being brought to the surface. Some of the stories were not easy to hear for those of us who care for and believe in great financial advice. I want to encourage you to keep focused on the positive, top quality advice you have access to.

Why great financial advice is so important

Being financially secure has a positive contribution to your sense of wellbeing – it’s as simple as that.

The Australian Unity Wellbeing Index shows that people who see their financial situation as in control or positive are more likely to have a high level of personal wellbeing.

Being in control of your financial position, or seeing it as positive isn’t about having an enormous amount of money. It means you can manage your budget, save for future goals and retirement and have back-up plans in place for when things go wrong.

Seeking financial advice is integral to this sense of financial wellbeing. I’ve seen it on a personal level; when my father-in-law was diagnosed with a terminal illness and later passed, we made sure that my mother-in-law went to see a financial adviser to organise the financial affairs. The sense of wellbeing they had when they knew things were in order, knowing that his wife and daughters would be looked after, provided a huge sense of relief.

Having clarity, control and choice around how you want to live your life and look after those who matter most to you is incredibly powerful.

This is more important than ever.

Reports estimate that Australians have a collective retirement savings gap – the retirement income they need versus what is saved – of $836 billion. And many of us have no idea where to being managing finances ourselves: in a large scale survey on financial literacy, it was found that 50 per cent of men and 35 per cent of women could be classified as competent in basic financial concepts.

Financial advice isn’t only for the wealthy, and it isn’t about creating fancy strategies or getting investment returns. It’s about staying focused, understanding what your goals are, what you want to achieve in life, and getting help in finding ways to achieve those things.

High quality financial advice is the best way to put your plans into action, so that you can look after yourself at every stage of your life.

By Matt Brown, Executive General Manager – Advice, Australian Unity

Disclaimer: This article is not legal or personal financial advice and should not be relied on as such. Any advice in this document is general advice only and does not take into account the objectives, financial situation or needs of any particular person. You should obtain financial advice relevant to your circumstances before making investment decisions. Where a particular financial product is mentioned you should consider the Product Disclosure Statement before making any decisions in relation to the product. Whilst every reasonable care has been taken in distributing this article, Australian Unity Personal Financial Services Ltd does not guarantee the accuracy or completeness of the information contained within it. Any views expressed are those of the author(s) and do not represent the views of Australian Unity Personal Financial Services Ltd. Australian Unity Personal Financial Services Ltd does not guarantee any particular outcome or future performance. Taxation Information in this document should not be relied upon without seeking specialist advice from a tax professional. Australian Unity Personal Financial Services Ltd ABN 26 098 725 145, AFSL & Australian Credit Licence No. 234459, 114 Albert Road, South Melbourne, VIC 3205. This document produced in October 2018. © Copyright 2018