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
➼ FREE MINI COURSE: How to price property like a professional

➼ Meet our recommended mortgage brokers at Home Buyer Academy
➼ Learn how to buy property without making a mistake with our ultimate 10-step online course for first time home buyers
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Veronica Morgan & Meighan Wells 

Veronica & Meighan are both licensed real estate agents who exclusively help buyers. Together they have nearly 40 years experience as property professionals.

Veronica is principal of Sydney based Good Deeds Property Buyers and is also co-host of The Elephant in the Room property podcast as well as Location Location Location Australia on Foxtel and author of Auction Ready: how to buy property at auction even though you're scared s#!tless!

Meighan is the multi award winning principal of Brisbane based Property Pursuit, chairperson of the REIQ Buyers Agent Chapter & a regular media commentator.

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