Live your today. Plan your tomorrow.
The Financial Planning Association (FPA) recently released a research report providing a snapshot of the money and life issues Australians are facing 18 months since the COVID-19 pandemic started.
The COVID-19 pandemic has been a defining event for this generation. People’s livelihoods, social habits and outlook have been irrevocably changed. In Australia, the pandemic has served as a wake-up call to many Australians about how they manage their finances and how to prepare better for a future marked by the shadow of further outbreaks and ongoing effects on society.
The FPA report looks at how this period of time has impacted people’s financial situation; almost one in four people said they were somewhat stressed by their financial position. Plus, it provides insight into what people have done to better manage their money and what their financial goals are over the next 12 months.
With a focus on paying down debt, creating a budget and increasing savings Australians also indicated having a financial plan in place is something they would have done differently given the significant challenges and uncertainty we have faced.
The FPA’s top three tips on what to do with the lessons from the pandemic are:
- Manage cash flow as a priority. Assess your current financial situation including balances on your savings account, debt obligations and identify cost-saving opportunities.
- Don’t lose sight of the future. Take the time to plan. Work out where you want to be financially in the future and work backwards for how to get there.
- Seek professional advice. “Just as you would seek legal advice from a lawyer, or get regular health checks from a doctor, we recommend seeking professional advice on your financial situation from a qualified financial planner.”
If you’ve been thinking about getting financial advice, don’t delay. Having a financial plan in place means you can better ride out the unexpected ups and downs that come with everyday life, while knowing that you’re headed for a comfortable financial future.
If you would like to feel more confident about your financial future and have a clear plan in place to help you achieve your goals, our Financial Advisors can help you. Please contact us for a complimentary initial conversation about your personal situation.
For a summary of the FPA Research Report see this infographic or download the full report here FPA Research Report – “A snapshot of money and life issues Australians are facing in 2021”.