Our latest research has found Australians overwhelmingly believe that financial advice is essential. What’s more, three quarters of those already receiving advice would consider paying for it from their super.

The rising cost of groceries, petrol prices, rents and mortgages is a constant reminder of how important it is to manage our money – both for our current and future financial goals and our peace of mind right now.  


So it’s no surprise that 93% of Australians believe people need financial advice. The majority (52%) think that advice is most needed by people doing it tough financially, or those on an average wage (22%)1.  And the most popular topics for advice were super and investments. 


These findings have informed the CFS Empowered Australian Report, which is based on a wide-ranging survey of 2,247 Australians – some of whom were receiving advice and some who weren’t. Our report also found that people receiving advice tended to have a financial strategy in place and be more confident about their financial goals, especially their retirement, compared to those who were unadvised.  

Using super to pay for advice

While most Australians agree that financial advice can help, many aren’t accessing its benefits due to cost. However, our research found that almost three quarters of Aussies already receiving advice would be interested in using their super to pay for it.  


Younger Australians aged 25 to 29 were most interested in using super to pay for advice, with 76% of men and 70% of women in this age group saying they’d consider it. And more than half (52%) of unadvised Australians said they’d think about using their super to pay for a retirement plan. 

Upcoming super changes welcome

These findings show that people want and need financial advice. But in these financially tough times, not everyone can find the money to cover the cost of advice.


The Government’s recent signal that it will allow people to use their super to pay for advice on a broader list of topics, including appropriate investment options within a fund and retirement income, is likely to be welcomed by many Australians. As our survey shows, many would be willing to pay for professional financial guidance if they could use their retirement savings in super to do it.

We can help

At CFS, we’re here to help empower our members to reach their financial goals. So if you’d like to take the next step and seek advice, you can use our online tool to search for an adviser in your area. Alternatively, to find out more about how advice could help you, call our friendly team on 13 13 36


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1. Source: CFS commissioned survey of 2,247 Australians aged 18+ between July and September 2023. 


Avanteos Investments Limited ABN 20 096 259 979, AFSL 245531 (AIL) is the trustee of the Colonial First State FirstChoice Superannuation Trust ABN 26 458 298 557 and issuer of FirstChoice range of super and pension products. Colonial First State Investments Limited ABN 98 002 348 352, AFSL 232468 (CFSIL) is the responsible entity and issuer of products made available under FirstChoice Investments and FirstChoice Wholesale Investments.


Information on this webpage is provided by AIL and CFSIL. It may include general advice but does not consider your individual objectives, financial situation, needs or tax circumstances. You can find the target market determinations (TMD) for our financial products at  https://www.cfs.com.au/tmd which include a description of who a financial product might suit. You should read the relevant Product Disclosure Statement (PDS) and Financial Services Guide (FSG) carefully, assess whether the information is appropriate for you, and consider talking to a financial adviser before making an investment decision. You can get the PDS and FSG at www.cfs.com.au or by calling us on 13 13 36.