*This article is produced in partnership with BT

Many developed nations have an ageing population and are facing similar challenges to Australia.

In Australia, people are increasingly moving into the retirement phase of life. Over the next 40 years, the number of Australians aged 65 and over will more than double, and the number aged 85 and over will more than triple, according to the Intergenerational Report released by Treasury last year.

It’s expected that, with fewer working Australians able to support retirees, more Australians will be relying on self-funding for their retirement.

These demographic trends mean that education and financial literacy are more important than ever, so that Australians become better engaged in actively managing their finances and building wealth, ideally much earlier than at the cusp of retirement.

Financial advisers play an instrumental role in helping Australians identify their financial needs and plan towards a secure future.

During BT’s study tour in the United Kingdom in 2023, we sought to learn how financial advisers in that part of the world are encouraging people to improve their financial literacy and access financial advice. Comparisons between Australia and the UK are helpful, as both have an ageing population, a strong financial advice industry and a superannuation or pensions system.

Client segmentation and technology

Currently we have a situation where advice is not accessible to all segments of the Australian population, across the range of income levels and demographic characteristics. This means that among those missing out are many people in segments who may well benefit significantly from financial advice: Millennials and Gen Zs saving for their first home, young families impacted by rising interest rates and cost of living pressures, and older people retiring with modest savings.