20
April
2017

Most Australians have no financial plan

People don't plan to fail, they fail to plan

The oldest cliché in the book is that “people don’t plan to fail, they fail to plan”.  A recent survey shows this rings true when it comes to our finances.

 The Financial Planners Association recent conducted a survey which indicated that two thirds of Australians don’t have a financial plan, and many don’t believe they will meet their financial goals.

According to the survey, the most important goal for both Gen X and Baby Boomers was to set themselves up for a comfortable retirement. The most common goal for Gen Y was buying their first home.

Half of Gen X and 40% of Baby Boomers didn’t think they would have sufficient savings for retirement, and 40% of Gen Y didn’t think they would be able to own their own home.

The message here is clear, if you want to achieve things in life, you need to put a plan in place. When it comes to our finances, as a rule, Australians are not establishing a financial plan and, as a consequence, many don’t believe they are on track to achieve their goals.

I believe there are a number of reasons that most Australians don’t have a financial plan. I think that apathy and the “she’ll be right” attitude is a big part of it.  In addition, there are probably concerns with the cost of a financial plan and possibly issues with trust.

My view is that the biggest reason people don’t get a financial plan is that they don’t believe they have enough money to warrant a financial plan. This is a catch 22, you need a plan to build wealth, but won’t get a plan until you already have wealth!

 

As I always say, you don’t need to be rich to have a financial plan, and it is not cost prohibitive to see a financial advisor. The sooner you put a plan in place the more likely you will be to achieve your future financial goals.

Author; Alex McKenzie Categories: Future Financial Services Blog

About the Author

Alex McKenzie

Alex McKenzie

Owner at Future Financial Services

Past:

  • Paraplanner at Zammit Partners Investments
  • Unit Trust Administrator at Colonial First State

Education

  • University of Western Sydney
  • Penrith High

About

As a Financial Planner I help people to achieve what they would like in life. This involves helping you to identify the things in life they would like , developing plans to help achieve them and strategies to protect what you already have. We do this by providing Financial Advice to guide you through your life stages.

The financial planning process involves determining a clients current situation and financial objectives and tailoring strategies to assist in best achieving those objectives.

I am an expert in superannuation, investments and insurance, these are tools we use to help you achieve your goals.

I aim to use my knowledge of superannuation, taxation and Centrelink to efficiently use your assets and income to achieve your financial goals.

Retirement and pre-retirement planning, wealth creation, asset protection, insurance planning and estate planning are all areas of advice that I provide.

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