Many of us will be familiar with so-called financial phobia. The world of finance can often seem intimidating, deterring people from planning their finances and ensuring they are on track to meet their short- and long-term life goals. But there is another, more specific phenomenon that can prevent people from seeking professional help: “financial adviser anxiety”. The condition was first labelled as such in a report produced by Australia’s National Seniors Productive Ageing Centre and published with the Australian government’s department of health and ageing.
Financial adviser anxiety can stem from a fear of being judged about your lack of financial knowledge or the current state of your finances. It can encompass feelings of shame or guilt, and also a discomfort at the prospect of sharing personal information. The industry itself arguably hasn’t always helped itself – all too often presenting an image of sombre advisers dressed in suits and talking in jargon.
