Young Australians are increasingly shunning expert financial advice, turning instead to family and friends for guidance. A recent report from Great Southern Bank revealed a surprising trend: family and friends are the top choice of younger Aussies for financial guidance.

While this approach might save them money on consultation fees as it is indeed "free", the lack of comprehensive insight and expertise that professionals provide could lead to regrettable financial decisions. Are they sacrificing valuable insights and potentially better outcomes?

In today's episode, we aim to address this problem by diving deep into this report's findings. We discuss the importance of professional financial advice and explore the role of financial literacy education in schools, emphasising the need to start financial planning early on. We also talk about the risks associated with informal advice and highlight the importance of setting good money habits from a young age.

Join us as we unpack these findings and understand why professional financial advice is indispensable for young Australians.

Episode Highlights:

00:00 - Introduction

02:15 - Meighan’s special house of  the week

03:07 - Report: Gen-Z and millennials favour family for financial advice over experts

04:37 - The importance of starting financial literacy education in schools

07:19 - Financial literacy begins at home but needs expert input

09:27 - Why is it important for millennials to start financial planning early?

12:41 - The risks of making financial decisions based on FOMO

13:58 - Concerns over the lack of regulation and qualifications required in property guidance

17:37 - Insights from a bank report: generational trends in property assistance

20:14 - Reasons why people often regret not researching property decisions more

25:11 - The importance of setting good money habits early in life

Resources mentioned in this episode:

• Family and friends are Aussies’ top choice for clever financial tips https://www.greatsouthernbank.com.au/about/news/no-place-like-home-clever

Resources:

• FREE MINI COURSE: How to price property like a professional https://www.homebuyeracademy.com.au/freecourse
• Meet our recommended mortgage brokers at Home Buyer Academy https://homebuyeracademy.com.au/brokers
• Visit our website https://www.homebuyeracademy.com.au/
• Learn how to buy property without making a mistake with our ultimate 10-step online course for first time home buyers https://homebuyeracademy.com.au/YFHBG
• If you have any questions or would like to be featured on our show, contact us at: Your First Home Buyer Guide Podcast support@homebuyeracademy.com.au
• Looking for a Sydney Buyers Agent? https://www.gooddeeds.com.au
• Work with Veronica: https://www.veronicamorgan.com.au
• Looking for a Brisbane Buyers Agent? https://www.propertypursuit.com.au/
• Work with Meighan: https://www.linkedin.com/in/meighanwells/

If you enjoyed today’s podcast, don’t forget to subscribe, rate, and share the show! There’s more to come, so we hope to have you along with us on this journey!

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