CALI Advocates for Reforms to Bridge Financial Advice Gap for Young Australians

The Council of Australian Life Insurers (CALI) has highlighted a significant gap in access to affordable, professional life insurance advice among young Australians.

A recent study conducted by CALI reveals that only 11% of 18-to-34-year-olds obtain formal financial guidance, with the majority relying instead on advice from informal and often inaccurate sources such as friends, family, social media, and online forums.

Despite nearly half of the respondents expressing a desire for professional advice, especially personalised guidance tailored to their individual financial needs and circumstances, a significant portion turn to unverified channels. This trend underscores the importance of offering accessible, targeted advice for Australians at various life stages. According to CALI's CEO Christine Cupitt, the necessity of affordable, specialised support is vital for the younger generation, who are eager to make informed financial decisions but find professional services beyond reach.

Three primary life events prompt the youth to consider life insurance: changes in financial circumstances, witnessing a family member's health issues, or experiencing personal health challenges. Christine Cupitt noted that these pivotal moments drive individuals to reevaluate their financial safety net. However, lacking access to qualified advisers, young Australians often resort to assembling their financial strategies through informal sources, potentially jeopardising their financial stability.

CALI's findings from 2024 further suggest that young Australians stand to significantly influence the growth of life insurance in the financial advice sector in the coming years. This is propelled by factors such as the intergenerational transfer of wealth, larger mortgage commitments, a dwindling adviser workforce, and increasing dependency on referral networks.

The introduction of a new adviser class by the Federal Government could potentially widen access to professional advice and clear the path for individuals aspiring to join the advice industry. Christine Cupitt agrees, saying, "Younger Australians deserve the support that aligns with their financial ambitions and the peace of mind for their future. Although we appreciate the Government's dedication to reform, immediate action is crucial to bridging the current gap between the demand and supply of financial advice." Ensuring broader access to professional advice is critical as the industry adapts to evolving financial landscapes and demographic needs.

Published:Monday, 4th Aug 2025
Source: Paige Estritori

Share this news item:

Insurance News

Broker Ordered to Compensate Client for Uninsured Fire Losses

15 Aug 2025: Paige Estritori

A recent ruling mandates an insurance broker to pay nearly $300,000 in compensation to a client after an insurer, QBE, declined a fire claim and cancelled the policy due to nondisclosures. The fire, which occurred in October 2022, severely damaged the commercial premises. QBE asserted that they would have denied coverage had they known about asbestos on the property, among other unreported issues. - read more

Insurance Claim Denied Due to Evidence of Multiple Collisions

14 Aug 2025: Paige Estritori

An insurance dispute arose when a driver was refused coverage for car damage after evidence showed involvement in multiple collisions, contrary to her claim. Initially, the woman filed a claim with Hollard Insurance, stating her car had collided once with another vehicle. However, the situation took a turn when forensic data from in-car technology revealed two separate impacts occurring 11 minutes apart. - read more

ASIC Considers Action as Professional Indemnity Insurance Transparency Falls Short

12 Aug 2025: Paige Estritori

The Australian Securities and Investments Commission (ASIC) has voiced apprehension about the transparency of professional indemnity (PI) insurance amongst holders of the Australian Financial Services Licence (AFSLs). This concern arises from a recent market overview conducted to analyze PI insurance for AFSLs offering personal advice to retail clients. - read more

Traveller Triumphs in Insurance Dispute Over Unexpected Medical Detour

11 Aug 2025: Paige Estritori

A savvy traveller has successfully challenged an insurance decision after having to make an impromptu stay in London due to a medical emergency. This came after the man needed urgent medical attention following a cat bite he sustained in Albania, which sent him to the UK capital for essential treatment. - read more

Revolutionising Life Insurance: Digital PMARs and Next-Gen Underwriting

11 Aug 2025: Paige Estritori

In the age of instant digital services, where everything from basic necessities to luxury items can be delivered in a blink, the life insurance sector in Australia is poised for a transformative change. Historically plagued by lengthy processing times, the sector faces a persistent underinsurance gap, with over a million Australians lacking adequate life protection. The introduction of a digital Personal Medical Attendant Report (PMAR) by Acenda, formerly MLC Life, marks a significant stride towards addressing this challenge. - read more

Landlords Insurance Articles

The Key Differences Between Landlord and Homeowners Insurance

As a property investor, understanding the different types of insurance available is crucial. Whether you're a seasoned landlord or just starting, having the right coverage can safeguard your investment and provide peace of mind. With various options out there, knowing which insurance policies to choose can make all the difference in protecting your assets. - read more

Does Your Landlord Insurance Cover Short-Term Rentals Like Airbnb?

In recent years, short-term rentals have exploded in popularity across Australia. Platforms like Airbnb and Stayz have transformed how people approach accommodation, offering unique experiences that hotels often can't match. Whether it's a beachfront apartment in Sydney or a cozy cottage in the countryside, these rentals appeal to a wide range of travellers seeking flexibility and local charm. - read more

Is Landlord Insurance Mandatory in Australia? What Every Landlord Should Know

Landlord insurance is a specialized type of insurance designed to protect property owners who rent out their properties. While standard home insurance covers owner-occupied homes, landlord insurance provides additional coverage for risks associated with tenants. This includes protection against damages to the property, loss of rental income, and liability claims arising from tenant-related incidents. - read more

Understanding Landlord Insurance: Does It Cover Tenant Damage?

Landlord insurance is a specialized type of insurance designed to protect property owners who rent out their properties. It covers a range of risks that landlords face, including damage to the property, loss of rental income, and liability for injuries that may occur on the premises. - read more

What Does Your Landlord Insurance Truly Cover? A Comprehensive Guide

Landlord insurance is a specialized type of insurance designed to protect property owners from potential risks associated with renting out their property. Unlike standard home insurance, which typically covers owner-occupied residences, landlord insurance offers tailored coverage that addresses the unique challenges faced by landlords. - read more

Knowledgebase

Disability Insurance:
A type of insurance protection that pays a portion of a person's income lost due to a total or partial disablement arising from either an accident or a sickness.