Developed in collaboration with CoreData and Borromean Consulting, this research explores the evolving role of digital advice across the financial advice ecosystem.
Drawing on national consumer research, industry insights and international case studies, it highlights the growing importance of digital advice in improving access to financial guidance and supporting better retirement outcomes.
The findings show that digital advice is now an established and accessible alternative to unregulated online sources. It enables individuals to engage with their finances earlier, builds confidence at key decision points, and complements, rather than replaces, professional financial advice.
Key insights
The research highlights that:
- Digital advice improves confidence in decision-making and increases follow-through on financial decisions
- It helps bridge the advice gap by providing a lower-cost, accessible entry point to financial guidance, particularly for those not currently engaging with professional advice
- Consumers who use digital tools are more likely to seek full professional advice, and to do so earlier
- Digital and human advice work best together, with strong consumer preference for hybrid models that combine technology with access to human expertise
Key findings
Digital advice users are more likely to seek financial advice
Among Australians aged 55–59, a key pre-retirement cohort, digital advice users are more than three times as likely to seek financial advice within the next 12 months compared to non-users (44% vs 13%). This trend is consistent across other age groups and time horizons.
Digital advice supports engagement with professional advice
Digital advice acts as a pathway to full professional advice, particularly for Australians concerned about retirement adequacy and investing.
- Among those concerned about having enough to retire, 28% of digital users intend to seek advice within 12 months, compared to 11% of non-users
- This increases to 35% over the next 2–3 years and 52% over the longer term, compared to 14% and 34% respectively for non-users
- Among those focused on investing, 40% of digital users plan to seek advice within 12 months (vs 22% of non-users), rising to 49% over 2–3 years and 60% over the longer term (vs 23% and 38%)
Digital advice accelerates the decision to seek advice
Digital advice users are 2–2.5 times more likely to seek retirement advice within the next three years compared to non-users.
Strong preference for hybrid advice models
Across all age groups, there is broad acceptance of advice models that combine digital tools with human support, particularly among older Australians:
- 53% of digital users aged 55–59, and 48% aged 60+, prefer a hybrid model
- Among those under 35, 39% prefer a combination of digital and human advice
Trust in AI increases with human oversight
Trust in AI-enabled advice is higher when supported by human judgement.
- 33% of digital advice users and 28% of non-users report greater trust in digital advice when an AI component is combined with human oversight.
Read the full research
Download the research paper or read the media release for the full findings on digital advice in Australia.
FSC contact
Harvey Russell Policy Director – Financial Advice and Strategic Advocacy hrussell@fsc.org.au
Cooper Gannon Policy Manager – Economics & Financial Advice cgannon@fsc.org.au