7 reasons why you’ve been putting off financial advice

If you’ve been thinking about personal financial planning but haven’t taken the next step, you’re not alone. Many Australians delay seeking financial advice because money decisions can feel emotional, complicated or easy to put aside. 

Personal financial planning may help you better understand your current position, the decisions that may need attention, and the options available to you. The value and suitability of advice will depend on your circumstances, the scope of advice provided and the fees involved.

Delaying financial planning may mean some decisions remain unclear, such as whether to review your super, insurance, cash flow, debt or longer-term goals. Taking a small first step can make the process feel more manageable.

Here are seven common reasons people put off financial advice:

1. “I should already have it figured out” 

Money can feel deeply personal. You may feel embarrassed that you don’t know more, haven’t started earlier, or haven’t made the decisions you expected to make by now.

Financial literacy is not something everyone is taught. Many people learn through life experience, family habits, work changes, mistakes, stress and major transitions.

An advice conversation should help you discuss your situation, understand the scope of advice available and consider what matters next.

2. “Financial advice is only for the wealthy”

A common barrier is the belief that you need significant wealth before financial advice becomes relevant.

In practice, people may seek advice for different reasons. This might include help understanding cash flow, reviewing super, considering insurance needs, planning for a home, thinking about retirement or getting their finances more organised.

Financial advice is not only about building wealth. Depending on your needs, it may also help you understand the options available for managing what you already have.

3. “It’s too expensive”

Cost is one of the reasons Australians may delay financial planning. That concern is understandable. However, you may want to compare the cost of financial advice with cost of staying unclear. 

That being said - before engaging an adviser, you can ask what the process involves, what fees may apply, what services are included and what you can expect to receive for the fee. This can help you decide whether the advice service is appropriate for your needs and budget. 

4. “I don’t know what to ask” 

You may know you want help but not know how to explain what you need.

You do not need to arrive with perfect questions. You could start with prompts such as:

• What areas of my finances may need attention?
• How can I better understand my current income and expenses?
• What should I consider when reviewing my super?
• What insurance or protection questions should I think about?
• What should I review before making a bigger financial decision?

The first conversation can be a way to explain what is on your mind and understand whether advice may be able to help.

5. “I’m waiting for life to settle down”

It’s easy to tell yourself you’ll get advice after the next busy period, pay rise, bill cycle or life change.

Life rarely becomes perfectly simple. Work, family, housing, health, markets and personal goals often overlap.

Personal finance management may feel easier when you have a clearer view of your moving parts. Even if you are not ready to make major decisions, you can start by understanding where things stand. 

6. “I’m afraid of hearing uncomfortable news”

Sometimes the biggest barrier is emotional. You may avoid financial advice because you are worried the conversation will be uncomfortable.

You may be concerned about savings, debt, retirement, insurance or whether your current arrangements are still appropriate.

Understanding your position can feel confronting at first, but it may also help you identify practical next steps and make more informed decisions. 

7. “I don’t want to be pressured into anything”

Many people delay advice because they do not want to feel sold to.

Financial advice should help you understand the scope of advice, your options and the basis for any recommendations. You can ask how an adviser is paid, what areas they can help with, what is and is not included, and whether the conversation is general information or personal advice.

These questions can help you understand the service before deciding whether to proceed. 

What could delaying financial planning mean?

Without a clear view of your finances, you may make decisions about super, insurance, cash flow, debt, tax and future goals separately, rather than considering how they may interact.

For example, a decision about your budget may affect how much you can contribute to super. A decision about insurance may affect how protected your household would be if your income changed. A decision about debt may affect your flexibility later.

You do not need to address everything at once. Starting with a clearer picture may help you decide what, if anything, needs attention.

A simple first step

If you’ve been putting off financial advice, start small.

Write down three things:

• What feels unclear about your finances right now?
• What decision have you been avoiding?
• What would you like to feel more confident about over the next 12 months?

That can give you a clearer starting point for a conversation.

Personal financial planning is not about having everything perfect before you begin. It is about understanding your position and considering the options that may be available to you.

Frequently asked questions about superannuation strategy in Australia

What is personal financial planning?

Personal financial planning is the process of understanding your current financial position, clarifying your goals and identifying practical steps that may help you make informed money decisions.

Why do people delay financial planning?

People may delay financial planning because they feel unsure, embarrassed, busy, concerned about cost, or worried about being pressured. These are common and understandable barriers.

Do I need to be wealthy to get financial advice?

There is no single wealth threshold for seeking financial advice. Whether advice is appropriate will depend on your circumstances, the type of help you need, the scope of advice and the fees involved.

What should I ask before seeing a financial adviser?

You can ask what the process involves, what fees may apply, what areas the adviser can help with, what is excluded, and whether the discussion is general information or personal advice.

Important information
This article contains general information only and does not take into account your objectives, financial situation or needs. Consider whether the information is appropriate for you before acting on it