Don't risk financial future on dodgy advice

Queenslanders have been warned to exercise caution when following financial advice from uncertain sources as new RACQ Bank data revealed people were significantly more likely to approach family and friends for information on finances than financial advisers or banks.

RACQ spokesperson Lucinda Ross said the data showed while family and friends were still the top source of financial guidance, there was a concerning increase in Queenslanders turning to the internet for direction. 

“Our research shows 32 percent of Queenslanders get financial help or advice from the internet,” Ms Ross said. 

“While there is a lot of useful information online, not everything you read can be trusted or will suit your personal circumstances.”

The warning followed reports by the ABC that “terrible” money tips were going viral on video-sharing social network TikTok. 

Ms Ross said advice from family and friends should also be taken with caution. 

“While well meaning, family and friends are not always the best sources of advice when it comes to your finances,” she said. 

“Unless they’re a qualified finance professional and aware of all of your personal circumstances, their advice may not be what’s best for you, even if it works for them.”

Ms Ross said when considering financial advice make sure it came from a qualified financial adviser with an Australian Financial Services Licence.

“We strongly urge you to turn to a professional for any personal financial advice,” she said. 

“If you’re looking for hints or tips online or from friends, keep in mind that the advice may be outdated, could come from overseas and not be relevant here, and most likely comes from someone who doesn’t know your situation.” 

Queenslanders could visit RACQ’s Financial Wellbeing Hub for more information on protecting their financial future. 

The information in this article has been prepared for general information purposes only and not as specific advice to any particular person. Any advice contained in the document is general advice and does not take into account any person's particular investment objectives, financial situation or needs. Before acting on anything based on this advice you should consider its appropriateness to you, having regard to your objectives, financial situations and needs.