● The number of Australians under financial pressure has increased by 10% since the start of the pandemic
● Otivo, Australia’s first online financial advice service, launches to help all Australians with financial advice, taking the mystery out of money
● Otivo improves the financial situation of most of their current clients by up to $485,000
between now and retirement March 2022 (Sydney, Australia): Otivo, Australia’s first comprehensive fully compliant automated online financial advice platform which launched just this year, has released new data that shows 4.1 million (38%) of Australian households are currently experiencing financial pressure.
The data, which explored over 52,000 households across Australia in partnership with Digital Finance Analytics (DFA), looks at a financial pressure score* of households within all suburbs across the country. Being in a state of financial pressure is defined by exploring household cash flow – money in and money out. It also examines the level of available cash and liquid assets that can be used to cover an emergency.
From the start of the pandemic to now, the number of Australian households under financial pressure has climbed by 10%. The data also confirmed that financial pressure is correlated to overspending, poor budget management, loss of employment, health issues, reduced government benefits, relationship breakdowns and drops in income.
The data confirmed Western Australia is home to the most financially pressured households in the country, while the ACT is home to the least financially pressured households in the country.
In NSW, the data showed that Sydney’s Northern Beaches suburbs of Newport, Scotland Island and Narrabeen are the top 3 postcodes home to households who are currently under the most financial pressure. While Rose Bay, Ermington and Dover Heights are home to the least financially pressured suburbs in the state.
Otivo believes the data demonstrates that Australians are desperately in need of financial advice.
Paul Feeney, CEO + Founder at Otivo, said: “For too long, many Australians have been forced to navigate the complicated world of personal finance by themselves.
That’s why we created Otivo — an easy to use platform that makes financial advice available to everyone, no matter their age, postcode or salary. And because we’re completely independent, our sole focus is helping people, not selling products. At Otivo, we believe Australia is better off when all Australians are better off,” said Mr Feeney.
Otivo uses cutting edge technology to make wealth management easy and accessible. The Otivo technology brings to life a personalised dashboard that gives customers complete control of their finances in one spot, helping them with debt, savings, insurance, investments and super. The platform also automatically updates its advice to match any changes to their customer’s circumstances.
Otivo provides bespoke plans that help customers work towards paying off debt quicker, reaching avings goals, boosting superannuation, supporting investment advice and working out insurance needs. Otivo focuses on the individual needs of each client and the technology will provide tips on all the elements often traditionally seen as complicated by everyday Australians.
Otivo’s hacks and advice in the platform have proven to improve the financial position of most current clients up to $485,000 between now and retirement.
“We believe an online service that is both affordable and easy to use is the only solution to optimise wealth for all. We just want to ensure that everyone can benefit from the value of personal advice”, said Mr Feeney.
Former Federal Member of Parliament and Chair of the Future of Financial Advice Enquiry, Bernie Ripoll is Chairman of Otivo and said this technology is what the majority of Australians have been craving.
Otivo’s launch comes off the back of recent conversations in Australia that highlight the increasing cost of financial advice that now averages $5,334 per client.
Otivo offers an affordable subscription service, starting at $12 a month.
Otivo’s customer data is secured locally and will never leave the country. They also utilise the same encryption security as the big banks to keep their data secure.
Visit http://www.otivo.com to optimise your wealth now.
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