When many people think about financial planning, they think it’s all about savings and investments, but there are many other facets that everyday Australians need to take into account when considering their overall financial situation. Statistics reveal that one in four people living in rural and regional areas is suffering from cardiovascular disease and men have a 40% risk, and women have a 25% risk of suffering a traumatic illness between the ages of 30-64; as we head into Financial Planning Week commencing Monday 22nd August, 2016, there has never been a better time to consider your financial future.
Seeking financial advice may not be as overwhelming as you think and good advice really can help you make the most of your circumstances.
Seeking expert advice now could make an enormous difference to the lives of most Australians in the future. Everyone’s circumstances are different, so it is important that your financial adviser understands your personal financial goals, whether that includes freedom from debt, access to cash for discretionary spending, growing and protecting your wealth, or planning for retirement.
All too often we see people suffering financial difficulty which in many cases may have been avoided through financial planning strategies which can help to safeguard your financial position.
When you consider some of the financial realities we face in Australia, it highlights the need for professional advice.
The reality
- One in four people living in rural and regional areas is suffering from cardiovascular disease, compared with one in five in metropolitan areas.[1]
- Compared with those living in Major Cities, the incidence of cancer was slightly higher for those living in regional areas.[2]
- It is estimated that men have a 40% risk, and women have a 25% risk of suffering a traumatic illness between the ages of 30-64.[3]
- 1 in 2 Australian men and 1 in 3 Australian women will be diagnosed with cancer by the age of 85. An estimated 130,470 new cases of cancer will be diagnosed in Australia in 2016, with this number expected to increase to 150,000 by 2020.[4]
- Australian household debt has tripled over the last 25 years, growing at an annual rate of 10.3% Household debt now equates to over $2 trillion.[5]
- Australians racked up $50.7 billion in credit card debt during the Christmas period, representing an average credit card bill of $3,120.[6]
- On the flipside, Australians are increasing their savings, however half of these savings are held in superannuation funds.[7]
These statistics provide compelling reasons to seek professional financial advice.
What you can do
A comprehensive financial plan is as much about protecting your wealth as it is about wealth creation. Seek professional advice to investigate appropriate levels of personal insurance cover for your circumstances, including Life Insurance, Trauma Insurance, Income Protection Insurance and Total and Permanent Disability Insurance (TPD).
All Australians should have access to sound financial advice to help plan for financial goals at every stage of life.
Financial Planning week runs from Monday 22 August to Sunday 28 August 2016.
Financial Planning Association of Australia says that “Financial Planning Week is designed to show Australians of all ages that professional financial advice can help them achieve their short term goals and secure their financial future. It also aims to demonstrate the positive impact that financial advice can have on their wellbeing, eliminating the view that financial advice is only for the wealthy.”
This Financial Planning Week, take the time to seek advice. It really could change your life, for the better. Contact Dibbo on 0438 946 638 or email info@financialservicessa.com.au
Phillip Dibben is a financial adviser at Active Financial Management. Active Financial Management and its advisers are Authorised Representatives of Fortnum Private Wealth Ltd ABN 54 139 889 535 AFSL 357306 trading as Fortnum Financial Advisers.
This information does not consider your personal circumstances (including taxation) and is of a general nature only. You should not act on the information provided without first obtaining advice specific to your circumstances.
[1] http://ruralhealth.org.au/sites/default/files/publications/cardiovascular-disease-fact-sheet-may-2015.pdf
[2] http://www.aihw.gov.au/WorkArea/DownloadAsset.aspx?id=6442459831
[3] Gen Re Australia 2009. Australian Critical Illness Survey 2008: a study of claims experience in 2001 to 2005.
[4] Cancer.org.au
[5] BankWest Curtin Economics Centre – Household Savings and Debt in Australia Report – June 2015 (page iv & 12)
[6] Reserve Bank of Australia – Australian Credit and Debit Card Statistics Report December 2015
[7] BankWest Curtin Economics Centre – Household Savings and Debt in Australia Report – June 2015 (page 14)