Higher mortgage payments and surprise twins have pushed the Mohamad family to financial breaking point, but they cannot afford financial advice.
Rate rises and surprise twins have pushed the Mohamad family to financial breaking point, and they would dearly like some professional help.
The change has coincided with higher advice fees. The average upfront fee for financial advice climbed 25 per cent to $4000 in the 12 months to May, while fees for subsequent years of advice have increased 18 per cent to $4700. With a combined income of $160,000 and a mortgage, she is concerned that their family is only two interest rate increases away from breaking point.“My response to everything that’s been said about the ‘cost of living’ is that it’s not the cost of living – it’s the cost of surviving,” Rebecca says.
“Australians with less than $150,000 in their superannuation are finding it almost impossible to access financial advice. There is an even greater imperative for the Quality of Advice reforms to be implemented.”The Quality of Advice Review, commissioned by the former Coalition government, recommended eliminating some of the paperwork involved with providing personal financial advice.
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