Financial Planning Week is under way, and Parliamentary Secretary to the Treasurer Chris Pearce is already out there spruiking the need for good financial advice and saving for the future.

The event is a national initiative of the Financial Planning Association, held each year in the last full week of May.

Mr Pearce says Australians are increasingly focused on saving for their retirement, education, mortgages and investing in their future, so it is fitting the theme for the week is “Good advice for peace of mind”.

He says the two things essential to increasing consumer peace of mind are financial literacy and the right level of regulation of the financial services sector by the Federal Government.

“Confident investors understand the importance of planning to create a comfortable future for themselves and their families,” Mr Pearce said.

“They know they are protected by the law and have avenues for redress if things go wrong.”

He says these same Australians want professional and objective advice to achieve their goals and is pleased to see the financial advice industry responding to this new level of demand.

Mr Pearce also dealt with regulation issues, saying the key for any industry is to find the right balance between calls for more regulation and concerns about excessive regulation.

“While regulation plays an important role in protecting consumers, in some areas it is true that industry itself is better placed to regulate its own activities – either by working alone or by complementing existing regulation.”