Money advice that annoys Australians the most

Some things are better left unsaid when it comes to telling people how they can save money.

Aussies love their subscription TV and don’t want to be told to turn it off.

Advice about managing money is usually well-intentioned, but some tips simply irritate Australians.

Being told to cancel subscription TV tops the list of annoying money advice, according to new research from Finder.com.au.

Almost half (49 per cent) of Australians find it annoying, while being told to perform your own beauty therapies at home irritates 38 per cent.

Scrapping a gym membership to workout at home (32 per cent) and avoiding buying takeaway coffee (27 per cent) are other examples of money tips that turn people off, according to the survey of more than 1000 people.

Finder spokeswoman Kate Browne says subscription TV is one of Australia’s most popular forms of entertainment, with 88 per cent of households having at least one service.

“No one ever became rich by giving up their Netflix subscription – if anything you’ll just feel a bit more deprived,” she says.

Kate Browne from Finder.com.au

“You can look at sharing an account with friends and family so you can still cut your costs a bit and enjoy the benefit of subscribing.”

Browne says Baby Boomers are particularly sceptical about DIY beauty and grooming. “Doing everything at home is easier said than done, and with less than spectacular results,” she says.

If given unwanted money advice, people should be “honest and upfront” with their opinion, Browne says, and explain that budgeting should include some “fun and pampering expenses” without feeling guilty about putting your financial future on the line.

MBA Financial Strategists director Darren James says many people don’t like being how much money they need to retire comfortably, especially given many still incorrectly think it’s $1 million.

“People hate that because in most cases people retiring as a couple don’t have $1 million, and it puts people off,” he says.

Money-saving advice only works if people have a savings goal, James says.

“Most people work hard to get what they get and have some little luxuries here and there,” he says.

James says people don’t want to be seen as a penny pincher, and believe “it’s my money, and why am I going without something I enjoy?”.

“If they’re told something they are giving up is for a purpose, it might be a different equation. You have to have a goal in mind as to why you are doing it.”