In today's fast-paced world, keeping track of your money can sometimes feel overwhelming. So imagine having a financial guru with you 24/7 to guide your every decision, and translate all the complex money stuff into easy-to-understand advice and help you reach financial zen? The good news is, this service exists now. But more about this later on.

If you're feeling stressed about money, you're not alone. Employment Hero's latest financial wellness report revealed a staggering 72% of people are experiencing negative emotions or behaviours, such as a loss of motivation at work due to their financial situation. The good news is that you can find your inner financial zen and be better off both financially as well as decrease your financial stress simply by getting some financial advice. In fact, our research says that after using financial advice for six months, 34% of people feel less stressed about money, nearly half are making progress toward their financial goals, and 43% feel confident enough to make smart financial decisions. Plus, people who have used financial advice are better off at retirement by an average of $485K.

Boost your super and set up your future

While for most people retirement might seem a long way off, the best time to act is NOW. With a financial adviser by your side, you'll learn how much you can afford to put into super and how much it could grow as a result. They can also help you choose from a range of investment options inside your super that could further boost your retirement funds. All of which could be the difference between a simple life, or a life of luxury.

Learn how to pay off your debt faster

Whether you're paying off a personal loan, a house, a credit card, or all three, getting financial advice can unlock heaps of hacks to help you pay them off faster. Paying off debt is really critical for high interest loans like credit cards. We've found our average users pay off their credit cards up to four times faster.

To make sure you're not being overcharged, a mortgage broker can compare different loans to help you choose the one that's right for you.

Depending on your situation, they might also recommend optimising your loan to better suit your needs. They might also recommend other hacks like using offset accounts to further reduce the life and cost of your loan.

If you've got the funds to support it, your personalised financial advice may recommend you make extra payments. To make it easy for you, they'll even tell you how much and when you should do it. These could be one-off lump sum payments or regular payments throughout the year — all designed to reduce your mortgage length and lower your interest payments. Now that's interest-ing.

Discover how to save more effectively

Getting personal financial advice can also help you work out whether you've got enough cash reserves to get you through any of life's unexpected moments. Most advisers will prioritise getting rid of your debt first. It may not be as exciting, but it will help you in the long run. Once you've nailed this, further advice can help you save up for something more fun like a new home, holiday, or new set of wheels.

Get peace of mind by sorting out your insurance

Talking about insurance usually puts people to sleep. But being well-insured will help you sleep with ease. By using a financial advice service, you can calculate how much cover you need whether it's Life Insurance, Income Protection, Trauma Insurance, or Total and Permanent Disability Insurance (TPD). And don't worry if all of this sounds confusing — a financial advice service can explain what each of these means inside financial advice.

And because most people have insurance inside their super, your super fund can help find what's available. This not only protects your way of life, it can help protect your bank balance too.

Along with getting help with all your financial stuff, one of the best things about an online financial advice service is being able to see all of your money and investments in one spot. This allows you to stay on top of your cash flow, understand how and where you spend your money, grab a summary of your overall wealth, and even check when you can afford to retire!

Financial advice doesn't have to break the bank

According to KPMG research, the average cost of advice is $5,300. Sadly this makes it challenging for most people to afford. Thankfully though, there are cheaper options out there. In fact, as a wellbeing gateway member, you can access digital personalised advice through Otivo. Getting started is easy. Simply create an account, then answer a few questions about your financial situation and future goals. Otivo will then generate instant recommendations to unlock the most pressing things you need to do now. Whether it's managing debt, boosting your super, saving for something big, or planning for retirement, financial advice provides practical solutions to help you be better off. Plus, with no hidden fees and super tight security, your financial future is in safe hands.

To help you understand some of the complex financial stuff, they also have a learning centre full of hundreds of articles to help take the mystery out of money.

And because everything is connected online, Otivo's advice automatically changes to whatever new stuff is happening in your life. And as a subscriber, you'll be able to visit it whenever you want, 24/7.

Sounds good? Learn more about Otivo <here>. Your future self will thank you for it!

Disclaimer

© Otivo (Map My Plan Pty Ltd ABN 47 602 457 732, AFSL and Australian Credit Licence no. 485665, trading as Otivo). The information provided in this article is current as of May 2024 and is for general educational purposes only. The content has been prepared without taking into account your objectives, financial situation or needs. Because of this, you should consider the appropriateness of the information against your own situation and needs before taking any action. Sources: Our research on The Financial Fitness of Working Australians; The Financial Stress of Australian Workers, and Financial Stress in a Pandemic. Figures are based on averages across our user base. The KPMG report was commissioned in 2021 by the FSC and relates to comprehensive advice.