Financial support and advice
It’s important to plan ahead for your finances. Here are some places to go when you need help and guidance on money matters, or if you need some aged care financial advice.
Financial Information Service
If you want basic information on managing your finances, you can go to Services Australia’s free Financial Information Service (FIS). This confidential service can help you make informed decisions about investment and financial issues for your current and future needs. It also provides education and information on lifestyle issues.
FIS officers can also provide information about the Pension Loans Scheme. The Pension Loans Scheme is a voluntary reverse equity mortgage through Services Australia that offers older Australians a fortnightly income stream to supplement their retirement income. The payments may be made:
- for a short period while your income and assets are being rearranged, or
- for an indefinite period.
The people who provide education and information within the Financial Information Service are not financial planners and do not give or sell advice or investment products.
The Australian Securities and Investments Commission’s MoneySmart website has tips and tools to help you manage your money. From retirement planning and reverse mortgages to budgeting tools and credit card calculators, MoneySmart is a one-stop-shop to get fast answers to your money questions. Here are some key pages to search for on the website:
If you’re having financial difficulties you can get help from a free and confidential financial counsellor. A financial counsellor can help you negotiate with your creditors if you have debts, organise your finances, and create a budget. Community organisations are funded to provide these services across Australia. Find a financial counsellor near you using the MoneySmart website.
Financial advisers can help with retirement planning, wealth management, savings planning, superannuation, and portfolio administration. They can also give advice on managed funds and other financial products.
It’s important to choose the right financial adviser for your situation. The MoneySmart website has information on how to choose the best financial adviser for your needs.
Once you have a short-list of financial advisers to choose from, you can check whether they are licensed and their experience and qualifications on the financial advisers register on the MoneySmart website.
Other useful resources
The Department of Social Services (DSS) has practical, easy-to-read publications and articles you may like to read. These publications and articles have been produced with industry bodies, other agencies and community groups. They provide useful information to help improve your lifestyle and wellbeing as you age. You can find these publications on the DSS website.