Do you understand your finances? Help may be at hand

Is the complexity and cost of financial advice putting you off from getting it? And should it be free or should it come with a cost?

Are your finances getting you down. Credit: Getty Images

Key Points

• One third of all Australians are financially illiterate, meaning they lack the ability to understand and use various financial skills, including personal financial management, budgeting, and investing.
• The financial system in Australia is a complex one. If you think about the range of products - super, mortgage, loan, store loans, higher purchase, pay day lending.
• The Quality of Advice review is considering changes to the regulatory framework applying to financial advice. Public submissions for the advice review close on September 23.

LISTEN TO

Filipino FINANCIAL ADVICE RNF final

Do you understand your finances? Help may be at hand.

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Consumer Group Adviser Ratings says the median cost of financial advice last year was $3529 and only 1.9 million people received it, which is a record low.

Now, the Treasury is conducting a national review to simplify the system and improve accessibility - with public submissions closing this September 23.

How to listen to this podcast. Credit: SBS Filipino