1 in 4 Australians have no plan for their financial future

1 in 4 Australians have no plan for their financial future

Are you clear on your financial goals and aspirations? More importantly, have you started paving the path towards your desired destination?

If the answer for you is no, you aren’t alone.

1 in 4 Australians have no plan for their financial future at all.

Furthermore, only 2 in 5 Australians have ‘vague plans’ in place.

That is according to a new report released this week, looking at the nation’s ‘financial hopes and fears’ for the future. The report investigated the behaviours and attitudes of working Australians in 2016.

The release of the report came ahead of the Australian Financial Planning Week held in late August. The theme of this year’s event being ‘Dare to Dream’.

Whilst so many of us are without a future financial plan, 45 percent of survey participants admitted they are dreaming about their financial future every four weeks or more.

Organisers say the research has clearly shown that most Australians are dreaming of their goals and aspirations, but many are unable to put into place the actions needed to bring theses dreams to fruition.

We’ve presented some of the findings that may spark inspiration for you to start taking action towards your own goals and aspirations.

In the 2016 report the ‘Top 5 Financial Aspirations of Australians’ were:

      Full financial freedom and independence

      The ability to live the lifestyle they dream about

      The flexibility to pursue their hobbies and interests

      The ability to free up more time to spend with loved ones

      To have a family

In addition, the main factors that were encouraging or deterring the pursuit of our financial goals and aspirations were:

      A fear of what the future holds for us

40 percent of Australians worry they have insufficient funds for their retirement and 38 percent are concerned they will not have enough money to live on. The research shows women in particular are more likely to hold these fears than men.

      Regretting our past spending patterns

47 percent of Australians wish they would have saved more.

      Discontentment with finances

Over half of Australians say they believe they could be in a better financial position.

      Our families

If Australians had no limit to their incomes, 60 percent would be investing in a better future for both themselves and their family.

      Travel

If Australians had no limit to their time, 40 percent say they would spend it travelling around the world.

 

Can you relate?

If you’re one of the many Australian’s feeling that there are obstacles in the way of you taking tangible steps towards your financial goals and aspirations, it’s wise to consult with a qualified and accredited Financial Planner early on.

Having a Financial Plan in place is not just about achieving your future goals and aspirations. It’s also about risk mitigation and protecting your family’s future right now, as WCA’s Robyn Hatch explains,

“Protecting the future earning potential of an individual is essential. The income that someone earns over their lifetime is their biggest asset, and protecting this from a younger age is a great start to future proofing their financial future.”

A well thought out Financial Plan can guide you through the obstacles that many Australian’s often see as a barrier. Sometimes it just takes a guiding hand to work through these obstacles and find tangible solutions and steps to move you forward.

 

Free Financial Planning Consultation

We are offering all of our readers a Free Financial Planning Consultation at either our Ballina or Lismore office. Please quote WCABLOGFP when you book your free appointment. Book now on 6621 2581.

 

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