Only 20% of Generation Y consumers have taken professional advice on their future finances, according to an Asteron Life survey of 1500 Australians.

It means many are vulnerable to life-changing events such as having children or buying a house, the Suncorp-owned life insurance specialist says.

“A little bit of planning can go a long way and ensure life-changing experiences can be fully enjoyed without financial stress,” EM Mark Vilo said.

“The average age for Australians to have children is 31, and to buy a first home it’s 34.

“That means many in Generation Y are either experiencing or about to experience these life-changing events.”

About 5.7 million Australians fall into Generation Y, according to the Australian Bureau of Statistics. It is generally defined as those born from 1980-95.

Some 51% of survey respondents say having children would prompt them to take out life insurance, while 39% cite getting old.

About 46% say having a mortgage would push them to buy income protection products.