Is everyone in your family getting the right financial advice?


Australia’s population is growing older with around 15% of Australians now aged 65 or over and the proportion of younger people is declining. By 2020, the median age for Australians will be 40. The changing demographics are expected to have big impacts on Australians’ lifestyles in years to come, impacting on areas like career choice, living arrangements & family planning. It’s therefore important that everyone in your family obtain the financial guidance they need during each stage of their lives.

Financial planning is a family affair

No matter what life stage you’re in or where you fit in your family tree, the financial decisions you make could have a lasting impact on your loved ones. Family members should then be involved in the financial advice process. Not only will this give your Financial Adviser a deeper understanding of your family & current circumstances, but it will also allow your family members to share their perspective, voice their concerns & discuss the future.

Following is a list of life events where a Financial Adviser may be able to assist you & your family:

• Starting out: entering the workforce, saving for a car or deposit on a first home.

• Raising a family: taking time off work or saving for children’s education.

• Managing debt: paying off student debt & mortgages or using debt to grow wealth.

• Financial security: protecting your current situation through personal insurance.

• Career changes: switching jobs, getting a promotion or facing redundancy.

• Making plans: saving for holidays, renovations or other major purchases.

• Receiving an inheritance: investing it wisely for the future.

• Finishing work: planning for retirement & managing retirement income streams.

• Aged care: looking after elderly parents, exploring aged care options & optimise government assistance that may be available.

Share the wealth

Financial advice is about more than simply preparing for retirement. It also should consider how you want to pass down your wealth to future generations. Regardless of your age & financial situation, it makes sense to have a proper estate plan in place. This gives you peace of mind that your assets will be distributed in accordance with your wishes after you pass away. It can also assist your family members avoid disputes or resentment while they’re grieving.

Give your children a helping hand

As the cost of living rises & property prices continue to rise, it can be tough for your children to get ahead & become financially secure. Parents are starting to help their children now, rather than waiting until they pass away. Your Financial Adviser can show you the most effective ways to assist your children & set them up for their future. Depending on your situation, strategies may include gifting assets, helping pay off your children’s mortgage or establishing education funds for grandchildren.


Article by Evan Grespos, Financial Adviser (Aspire SRS)