March 29, 2019
An increasing number of Australians are becoming anxious about their financial wellbeing. Recent data from NAB’s Consumer Anxiety Index found that the number of Australians worried about their finances has now increased to it's highest levels in three years.
In addition, the research revealed that nearly four in 10 Australians said they had experienced some form of financial hardship – the highest in two years. If many Australians are so concerned about their finances, why aren’t more seeking support from financial advisers?
The reason may be attributed to the misconceptions about what advisers do, what they offer and the type of clients they see.
We've seen the benefits of financial planning first hand! We're hoping that this blog will debunk a few myths about financial advice and show you how it can help you make better decisions for your financial future.
What is a financial plan?
Simply, a financial plan is a roadmap to your financial goals, setting out the steps you need to take to get there. It will help you see the big picture, make better decisions with your money and help you stay on track. Your plan can cover everything from budgeting and saving right through to debt management.
Many Aussies have short and long term financial goals, but not plan in place to help them get there. That's where a financial planner or adviser can help.
Myth: Financial advice is only for rich people
Despite what some people may believe, financial advice is not only for the rich or those with a lot of assets. Anyone can benefit from the services of a financial adviser, regardless of their income. In fact, it's often people who are struggling a bit with their cashflow and debts who benefit the most from some financial advice.
Sometimes it's people with higher incomes who struggle the most - because they don't have strategies in place to get their money working for them.
Whether you earn $50,000 or $500,000 it's what you do with it that counts.
If you want to know how to get your money working harder for you, pay off your debts faster or stop living paycheque to paycheque, a financial adviser can help. They'll review your current situation, list out your goals and put together a simple roadmap to help you get there.
Myth: Financial advice is too expensive
Some people may avoid seeing a financial adviser because they are concerned that they're too expensive. Financial planning can be super affordable! When your finances and getting out of debt are a priority, outlaying a bit to get there makes sense.
Like seeing a personal trainer, a quality financial adviser will also teach you lifelong financial skills that will benefit you now and well into the future.
When you consider the long-term value that financial advice will have on your overall financial health, you will see that it is well worth the cost. In some cases, it may be offset by the savings you gain.
Myth: I’m too young to need a financial adviser
You may think that you won’t need financial advice until you’re approaching retirement but by then, it may be too late. Strong financial literacy gives you greater control over your money which means achieving whatever goals you may have sooner rather than later.
Good financial habits should and need to start early. Financial planning can help you decide what to do with your money now, so you have more in the future.
They can also help you through all those major life stages like starting your career, getting married, having children or buying a property. In addition, understanding how to use your money means you will be well placed for whatever life throws at you.
Myth: I don’t need to see a financial adviser as I can manage my own finances
We love it when our customers take such an interest in budgeting and managing their finances!
In fact, there are more resources, guides and tips today on managing your finances than ever before. However, you can't beat the expertise and knowledge of a professional whose job is to stay on top of the market, legislation and have an intimate understanding of people’s finances.
That's what our financial adviser Matt and his team does day in and day out - they analyse the very best strategies on getting your money working harder for you.
A financial adviser can offer options and solutions that you may not discover on your own, and they may even identify any gaps or oversight in your current strategies. Moreover, they will look at the bigger picture of your finances with an objective perspective, thereby taking away the emotion out of decision making. This will help you get to your financial goals faster and more effectively.
Your complimentary first appointment with Matthew
We believe in financial planning and the difference it can make to someone's life. In fact, we believe in it so much that we offer a complimentary first appointment with our financial adviser Matthew. You can visit us at our Hoppers Crossing office, or we can come out at a time and place that suits you.
Find out more about Matt and the rest of the team
Call us today on 03 9748 7999 or click on the Contact Us button at the top of the page to book your complimentary first appointment!
