A new national benchmark tracking the attitudes and behaviours shaping modern Australia has revealed a growing disconnect between financial engagement and financial confidence, highlighting a significant opportunity for financial advisers as Australians increasingly turn to AI and digital tools to support financial decisions.

Developed by TAL in partnership with McCrindle, the Understanding Modern Australia report is a new longitudinal research platform designed to track how Australians’ think, feel and behave, over time, in an increasingly complex and fast-paced world.

The corresponding index measures the gap between what Australians believe and how they behave, shaping their confidence across the five pillars of modern life: health and wellbeing, society and culture, financial wellbeing, digital life and personal connections.

The inaugural findings reveal Australians are highly engaged with their finances, but many struggle to translate that engagement into action.

While 86% regularly monitor their spending and 80% prioritise budgeting and financial planning, only 28% are satisfied with their finances, 62% feel stressed when thinking about money, and one in three (32%) do not feel in control of their financial future. The report also identified the largest gap between aspiration and action in the financial pillar, with an 18-point difference between how strongly Australians value good financial habits and how consistently they put them into practice.

Australians who hold life insurance recorded an eight-point higher index score than those without cover (76 vs 68), reinforcing the role protection can play in supporting financial confidence, resilience and long-term security.

Mark McCrindle, Founder and Principal at McCrindle, said the research reflects a broader shift in how Australians are making financial decisions.

“Technology has fundamentally changed how Australians access information, make decisions and seek advice. As information becomes more accessible, we’re seeing a generation of consumers who are more self-directed and more willing to do their own research than ever before,” Mr McCrindle said.

The research found more than 3 million Australians already use AI to help manage their financial activity, with one in five trusting AI to recommend a financial product suited to their needs. Yet when it comes to making financial decisions, Australians remain significantly more likely to act on advice from a paid financial adviser than guidance from AI, family, online resources or social media.

Fiona Macgregor, TAL Group CEO and Managing Director, said the findings highlight a broader shift in how Australians are navigating financial decisions, with trust becoming more important.

“Australians have never had greater access to financial information. The organisations that thrive will be those that understand how this is changing behaviour. While technology is making information easier to access, it’s also reinforcing the importance of trust, human judgement and genuine connection when people are making important decisions. 

“The Understanding Modern Australia report shows the rise of the hyper-informed DIY generation is reshaping the advice profession. As a result, advisers are evolving from information providers to trusted partners who help clients navigate complexity, apply judgement and build the confidence to act,” Ms Macgregor said.

The research also suggests Australians are increasingly comfortable with advisers embracing AI, provided it is used transparently.

More than half (57%) of Australians are comfortable with financial advisers using AI tools to help inform advice, while 87% want to know when AI has been used in generating financial advice, reinforcing that trust and transparency will become increasingly important as technology becomes more embedded in advice businesses.

Mark Mullins, Hood Sweeney Director and Life Insurance Specialist, leads an AI Working Group and is excited by what technology can do for both clients and advisers:

“People interacting with AI in a meaningful way understand it’s not perfect. But at the same time, it’s an incredible resource for building knowledge.

“We love it when clients use AI to inform themselves, to ask questions and test the advice that we’re putting forward to them, because in the end they will see more value in the advice we provide, and that should strengthen our relationship,” Mr Mullins said. 

The Understanding Modern Australia report and corresponding index is designed to become an annual benchmark, helping financial advisers better understand the evolving behaviours, expectations and decision-making drivers shaping their clients. TAL and McCrindle will explore the inaugural findings in more detail during an upcoming TAL Risk Academy session on September 16.

Read the report.

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Alexis Denby

TAL has announced a new research partnership with McCrindle, one of Australia’s most respected social research and advisory firms, to launch annual research that will shape how the life insurer will engage with and support its customers and partners.

The Modern Australia Index has particular utility for financial advisers, providing them with real-time understanding of the social, demographic and economic trends shaping their clients’ needs.

Founder and Principal at McCrindle, Mark McCrindle, said the Index was designed to explore Australians’ preparedness at a time where rapid technological change and converging megatrends were reshaping Australians’ outlook.

“Geopolitics, digital and economic trends are changing more than just Australians’ economic mobility, they are changing how they think about the future.”

“This research will provide a clear sense of Australians’ long-term outlook, and their current financial reality, health, digital behaviours and social connectivity.”

The Index will cover the issues most relevant to adviser-client conversations: financial realities, cost of living pressures, digital consumer behaviour, generational shifts, wellbeing and health, and Australians’ attitudes toward protection and the role of advice in their lives.

Its longitudinal design means advisers will be able to track how views and circumstances are changing over time — translating broad social trends into insight they can act on in their businesses and client conversations.

For example, recent McCrindle generational analysis reveals that even though Baby Boomers hold half of Australians private net wealth, they’re not immune to inflation costs in their weekly expenses, and while Gen Y and Gen X have greater earning power in their peak earning years, they have less net wealth to rely on during periods of heightened uncertainty.

TAL General Manager, Consumer & Growth, Alexis Denby said the partnership reflected TAL’s commitment to customers through a genuine understanding of modern Australian life.

“Demographics are shifting, healthcare needs are changing and consumer expectations are evolving at pace. Our partnership with McCrindle gives us a comprehensive view of those changes.”

“Advisers are working harder than ever to understand what their clients need — and we want to give them something that genuinely helps with that. For TAL, these insights will shape the products we offer, and how we engage with and support our customers.”

The Index will be made available to financial advisers and industry partners from July 2026.

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The ‘Women in Financial Planning Breakfast’ is a cornerstone event of the FPA Professionals Congress. Every year, event delegates gather to hear a prominent female role model talk about their personal and professional secrets to success.

Mark Rantall, CEO of the FPA, said “In line with our Congress theme, ‘Shaping Futures’, attendees of the ‘Women in Financial Planning Breakfast’ will hear Jennifer’s inspirational story of how she navigated her career path, to land her dream job.

“Jennifer started her career at aged 16 and became founding reporter of Channel Nine’s Sunday program. Her commitment to world class journalism has literally taken her around the world to interview world leaders for programs such as 60 Minutes, 7.30 Report and Lateline.”

“Congress attendees will also hear about Jennifer’s experience balancing motherhood and a demanding career, and her insights on the key issues impacting both female planners and female clients. Jennifer has been an advocate of planning for financial security from a young age,” Mark added.

Jennifer continues to work in all facets of the media including regular contributions to radio, TV, print media and travel magazines.

The ‘Women in Financial Planning Breakfast’ will take place at 7.30am on Thursday 19 November at the 2015 FPA Professionals Congress in Brisbane. The event is open to both men and women.

The breakfast complements a robust program of 24 workshops under the revamped themes Expand, Grow, Engage and Inspire. Recently the FPA also announced Futurist Chris Riddell, and Social Researcher and Thought Leader, Mark McCrindle as speakers at the event.

Mark Rantall, CEO of the FPA, added “This year’s Congress is packed with innovation and insights on how our professional community can shape the future. The landscape is changing rapidly and it is vital that we are equipped to stay ahead.”

For more information about the FPA Professionals Congress, and to register for the ‘Women in Financial Planning Breakfast’, visit: www.fpacongress.com.au.

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