Australia's banking royal commission highlighted the need for consumers to take greater ownership of their money.
"It's become quite apparent that bankers used to be trusted and that individuals could leave their personal financial guardianship to trusted institutions and people ... they can't do that [now]," financial analyst Marcus Padley tells SBS News.
"They've been trusting profit-making institutions, and in order to guard themselves against that, they are either going to have to get proactively involved in their own finances or find someone they can trust."