Around 71% of Australians care about their financial situation, which came third behind family (89%) and health (72%), according to a report by financial services firm Perpetual.
It surveyed 3,000 citizens for its research report, What do you care about?.
Despite caring about planning for the future, forward planning was found to be an issue for many Australians, with 56% of those surveyed saying they do not spend enough time planning for their financial future.
Gary Lembit, senior manager client insights and analytics at Perpetual, said: “This New Year, we are encouraging Australians to act on what they care about to make their dreams a reality. If you have a resolution around your finances, write down your goals and develop a plan with actionable steps to get you there.
“Put thought into your likely income and expenses over the long term, the value of the things you want and how much time and wealth you are willing to commit to achieving those things.”
However, with the recent Royal Commission in Australia highlighting issues within the wealth management sector, many people can be forgiven for not jumping at the chance to work with a financial adviser.
Setting goals
In the report, less than a third (27%) of those surveyed set personal goals for savings, and only (21%) have a regular investment plan or invest money they inherit.
The research also found Australians who seek the help of a financial adviser are less likely to overlook ways to get ahead. They are nearly twice as likely to invest inherited wealth and have a regular investment plan.
Over half of the respondents (55%) see money as a key barrier to achieving their plans, but also cited “time” (34%) and “work getting in the way” (13%) as additional obstacles.
Lembit added: “Time and money are the age-old challenges preventing people spending time on the things they care about, but with the right focus they are the fundamental factors to get us where we want to be.
“It is beneficial to evaluate your life goals around important questions such as: how much will it cost to live in the area you want to? What level of education do you want to provide your kids? These are big milestones requiring significant investment, so thinking about life goals early is important.
“Talking to a financial adviser is one of the best things you can do when planning for your financial future, no matter your stage in life. There are many elements to a good financial plan – goals, strategies and products – but the most important element is the conversations a client has with their adviser.”
