What is the value of financial advice when it comes to your retirement?

With household budgets remaining under constant pressure, many of us are feeling the pinch.

In this environment, paying the mortgage or rent and daily living expenses are often given priority, and the idea of paying for financial advice may seem like an unnecessary cost. But the cost of not getting advice may be greater – both in financial terms and for your peace of mind.

This is especially true when it comes to planning your retirement, with plenty of research showing there are real, measurable benefits from talking to an expert.

Anxiety about retirement

According to new research by Vanguard Australia, 46% of Australians have no plan for how they will prepare financially for their retirement. Not only do they feel financially stretched, but close to 50% of pre-retirees worry they will not have enough to sustain the lifestyle they want in retirement.

The latest Financial Wellness research by AMP found 54% of respondents were never or rarely putting extra money away for retirement and 62% never or only occasionally planned ahead for their financial future.

Far more Australians (33%) are reaching out for help and advice about managing their mortgages and strategies to mitigate cost-of-living pressures than for help planning their retirement (25%) or getting the best from their super (24%).

In fact, AMP’s research found 32% of Australians had never sought advice or support when it came to making important financial decisions. And those currently feeling financially stressed were even less likely to have done so (35%).

Of the survey respondents who had sought advice, those in a less financially secure position were less likely to have spoken to a professional adviser such as a financial planner (6%) or a super fund (11%).

Who gets financial advice about retirement?

When you’re busy working, retirement dreams can feel like a pleasant escape. Research shows, though, that few people create a plan to get there or think much about how they’ll manage their finances once they retire.

Good quality information and planning are well recognised as playing an important role in achieving a better retirement outcome, but a survey by the Association of Superannuation Funds of Australia (ASFA) found that around half of all adults had not consulted any sources of information in regard to their retirement. For those aged 65 plus, only around 40% had sought out any source of retirement information.

This echoes the findings of a 2025 report by National Seniors Australia (NSA), which found that among older age groups aged 67 plus, financial advice was only a priority for around 10% of fund members with a super balance of up to $200,000. For younger respondents (aged 50–66), financial advice was a priority for 13.5% of respondents. NSA has long argued that many pre-retirees and retirees fail to obtain financial advice due to the complexity of financial issues and financial jargon, together with concerns about the potential cost of advice. A separate NSA study found the main barrier to seeking financial advice was cost (32% of respondents), while lack of trust in advisers was also a key factor (29%).

Your finances: How much can advice help?

When it comes to your retirement finances, several research studies have investigated whether there are measurable benefits from getting professional advice from a financial planner.