Confidence among Australians remains strong overall even though only a small percentage of the nation's population feels in control when making financial or life decisions, industry research has found.
Research from Macquarie Bank's banking and financial services group found 65 per cent of Australians felt positive about their lives, however, one-quarter felt confident and in control when making life or financial decisions.
The research, "Mood, Life & Money - Macquarie Insights", found 56 per cent of those surveyed wanted to be regarded as confident decision makers.
In terms of confidence in financial decision making, the research found many Australians lacked confidence when making important financial decisions, including the decision to invest, setting up self-managed superannuation funds and knowing how best to structure their finances.
The research found a very strong reliance on Australians using their spheres of influence, including family, friends and colleagues, for 65 per cent for their financial decisions.
"It is common for Australians to employ multiple methods to help when making financial and life decisions, with 59 per cent spending time thinking about their decisions, 57 per cent spending a lot of time on the Internet researching and 48 per cent reading to help with the decision," the research said.
According to the research, 74 per cent of women made or shared all of the financial decision making in Australian households, compared to 69 per cent of men.
"Those who have sought expert advice are much more confident about making financial decisions than those who haven't, and are vastly more confident talking about finance (56 per cent) than those who have not sought advice (44 per cent)," it said.
Macquarie Banking and Financial Services Group analytics research manager Gary Lembit said the research clearly revealed Australians with more substantial assets were found to be more positive about life than those with above average income.
"Those who plan for the future and are more in control of their finances say they are 'happily enjoying life'," Lembit said.
The study was conducted in September and involved a large-scale qualitative research program of 12 group discussions across the nation prior to a detailed online survey of 1600 respondents.
