Australians support the Government improving
access to financial advice

2 June 2025  

New research from Colonial First State (CFS) has found that amid a sustained cost of living crisis, two in three Australians want to see the Federal Government implement changes to make financial advice more accessible.  

Released today, the latest CFS Empowered Australian report also identified significant gaps in consumer awareness of how advice can currently be accessed, with nine in 10 Australians admitting they were unaware they could pay for advice using their super.  

While industry reforms are underway, the report highlighted the importance of educating consumers about immediate solutions as they battle cost of living pressures that are negatively impacting their lifestyle choices and mental wellbeing.  

Based on a survey of 2,250 Australians, the research found that women are more likely than men to be disproportionately impacted by their financial situation, with one in three saying their mental health has been negatively affected compared to one in five men. 

In addition, women (67%) and Australians aged 40 to 49 (71%) are the most eager to see legislative changes from Government that will improve access to financial advice.  

Commenting on the findings, CFS Superannuation CEO Kelly Power said Australians support the Government making financial advice more accessible. 

“With the Government re-elected, there is now an opportunity to complete these important reforms, to make it easier for advisers to provide more advice to more Australians. We should not lose sight of the fact millions of Australians will be approaching retirement over the coming decade and the current framework will mean too many are unable to access the help they will need,” Ms Power said.  

“As Government starts developing new guidance on super and retirement, this should also inform all Australians that if the financial advice relates to issues associated with how you could use your super to save for retirement, the cost of that advice can be deducted from your super account,” she said.  

“For example, if you are approaching or entering retirement, you can speak to a financial adviser about critical issues such as contribution levels, how to setup your pension and regular payments, and investment strategies that can give you more confidence about how long your savings will last. The financial adviser’s fees for that advice can be deducted from your super account.”  

Previous CFS research found that Australians who receive advice are more than twice as likely to feel financially prepared for retirement and twice as likely to retire at a time of their choosing compared to those who do not receive advice. 

Click here to download the full CFS Empowered Australian report.