A recommendation from a family or friend or from their super fund were among the main reasons that drive people to seek advice, according to CFS, highlighting the impact of trusted sources.

The firm’s annual Empowered Australian report surveyed over 2,000 individuals for the research, now in its third year.

For those who were yet to access advice, common alternative sources of information for those aged under-40 were finance websites, YouTube and social media influencers as well as superannuation providers.

The proportion of people who said they were getting information from their superannuation providers rose 42 per cent on last year while those seeking information from social media influencers rose 63 per cent, despite a public campaign from ASIC highlighting their flaws.

However, when it came to trusted sources, financial advisers as well as an individual’s partner or family ranked highly.

More than 80 per cent of individuals trusted both their partner and their financial adviser and 75 per cent trusted their family. Almost three-quarters (73 per cent) trusted their superannuation fund.

Interestingly, when it came to seeking advice, many said they came to advice through the recommendation of one of these sources. More than 21 per cent said they sought advice after a recommendation by a family or friend, 19 per cent said after a recommendation from their super fund and 16 per cent were recommended by another professional.

“Australians have more financial information at their fingertips than ever before, but when it comes to important financial decisions, trusted relationships still matter,” Power said.

Top five trusted sources of advice

Source 
% who trust  

Partner/spouse 
82% 

Financial adviser 
80% 

Family  
75% 

Super provider 
73% 

Government source such as Moneysmart 
72% 

Source: CFS, October 2026

For those who are yet to receive advice, they say cost is holding them back as 72 per cent of Australians who are open to receiving financial advice would consider it if it were available at a reasonable cost, up from 59 per cent.

CFS said this has consistently been the main reason since 2023.

A further 88 per cent believe financial advice should be accessible for all Australians, up from 82 per cent.

Reasons people said they would seek advice include retirement planning, going through a major life event or a positive change in their financial circumstances.

With retirement being the biggest driver for seeking advice, the report also confirmed Australians who had already sought advice were more confident in their retirement prospects.

Reason 
Percentage 

Thinking about retirement 
26% 

Financial situation improved 
24% 

Suggestion from family or friend 
21% 

Recommendation from super fund 
19% 

Recommendation from another professional 
16% 

Source: CFS, October 2026

Some 79 per cent of advised Australians were confident about their ability to have enough money to retire, compared to 45 per cent of those without an adviser. Of those who had already sought advice, 44 per cent said they regretted not getting advice earlier.

This confidence reflects that investment performance remains important but greater value is placed navigating complexity and feeling reassured and confident in their financial decisions.

“Australians are again telling us they see value in financial advice and want it to be within reach of more people.

“The fact that nearly half of Australians with a financial adviser wish they had sought advice sooner is a reflection of the impact a financial adviser can make in the lives of their clients.”