Brighter And some

Forget the Barefoot Investor: Aussies prefer to ask family for money advice

by Kate Watt, Marketing Manager 30 October 2019

They know you better than anyone else, so of course your family will give you great money advice. Right? Hmm, don’t bet the house on it.

A whopping 42 per cent of Aussies turn to family for financial advice, according to a recent survey from
Google came in at a distant second with 26 per cent. While just 12 per cent turned to popular money experts like Scott Pape (the Barefoot Investor) and Paul Clitheroe (your parents’ version of the Barefoot Investor).
Why not talk to your family for help with money matters. For simple advice like budgeting tips, sure, ask Nanna how she scrimped and saved to put food on the table and a roof over the family’s head.
Your parents probably have good tips for how they saved a home deposit.
But for more complex matters, you might be better off seeking independent advice from finance professionals, says Bessie Hassan, money expert at Finder.
“From superannuation to managing investments, you’re never too old or too young to seek advice on managing your money,” she says.
“Parents or older family members can be a great source of wisdom, especially when it comes to budgeting – they’ve been there before.
“But remember that the current economic climate, along with your own personal financial circumstances may be different to what others have experienced. This is where doing your own research will help.”
This is especially so if you’re dealing with tricky and stressful matters like debt or divorce. And if there’s a property involved, talk to a local agent you can trust to understand your situation and advise on the options to hand.
Check out the most common sources of money advice for Australians surveyed by Finder.

  • Family, 42%
  • Google, 26%
  • Friends, 26%
  • My bank, 24%
  • Financial planners, 20%
  • Comparison websites, 20%
  • Finance experts (Warren Buffet, Scott Pape, Canna Campbell, Nicole Pedersen-McKinnon, Paul Clitheroe, etc), 12%
  • Finance magazine (online and print), 11%
  • Other, 11%
  • YouTube, 10%

Got a property question weighing on your mind? Contact us for a chat.