Only one-third of respondents to a survey on financial advice have life insurance, while just 25% hold disability or income protection cover, according to new financial practice Map My Plan.

The study, conducted last month with Newgate Research, questioned 1617 Australian workers.

“This figure is lower for women – just 30% have a life insurance policy compared with 38% of men – and for casual workers, with fewer than one in five holding life insurance,” the report says. “Health insurance coverage is more widespread than life and other personal insurance – unsurprising given government policy and incentives in this area.”

However, the report says many workers may be unaware they have cover in super.

Only 16% of workers say they use a financial planning service.

About 13% have a comprehensive financial plan, 53% have a rough plan and 34% have nothing.

“It seems Australian workers don’t believe they need a financial adviser to help them develop a comprehensive financial plan,” the report says. “Although most people using a financial planner reported a positive experience, just 16% currently use their services.”

The survey asked people why they do not use advisers.

“The biggest barriers to engaging a professional financial planning service seem to be cost (75% of respondents), focus on selling financial products (71%) and perceived lack of independent advice (64%).”

Map My Plan CEO Paul Feeney says the study was designed to show where ordinary Australians need the most financial help.

“Based on this research, Map My Plan is developing an independent online service that will enable people to measure and track their financial wellbeing and access tools to help them achieve their financial goals – free from any product sales,” he said.

“We want to change the way Australians access independent financial advice and provide a clear path to a better financial future.”