While the standard of living is constantly improving in Australia, economic disruptions, stagnant wage growth and continually increasing house prices are putting more and more people under financial stress.
What studies show
A recent report by the social research group, the Melbourne Institute, ‘Taking the Pulse of the Nation’, found one in three Australians reported being under financial stress while one in five reported experiencing mental distress.
It found that those on fixed-term contracts and anyone self-employed was particularly vulnerable to feeling financial stress together with people employed in the hospitality and IT sectors.
The struggle to feel in control
For one thing, that niggling feeling that you’re not in control of your financial situation can leave you worrying.
For many people, it is simply that their lives are so busy they never have the time to focus on their financial position and so the constant pressure of earning money and paying bills can easily spin out of control.
So, it may be as simple as being unsure whether you will have sufficient savings in super to retire in the way you were hoping to, or it might be that you have created a debt mountain that you feel helpless to reduce.
If you find yourself spending a large part of the day worrying about your finances or if your financial position is causing repeated arguments between you and the people around you, it is important that you reach out for help.
The three-minute financial check-up
A good place to start is by completing this Three-Minute Financial Check-Up. If you answer no to any of the questions on this list, you should make time to discuss your financial situation with a qualified financial planner.
They will tell you steps you can take to improve your financial position and get you back on track.
This will allow you to move with confidence and peace of mind that you have your financial situation under control.
Your Three Minute Financial Check-Up
| Action | YES | NO |
| Do you pay all your credit cards off in full by their due date? | ||
| Do you sleep easy knowing all your bills will be paid when they fall due? | ||
| Do you have a budget, and do you stick to it? | ||
| Are you making all your loan repayments on time? | ||
| Do you know exactly how much your home loan is today? | ||
| Do you know what you would do if you lost your job tomorrow? | ||
| Are you confident about your children’s financial future? | ||
| Do you have life, total, and permanent disability insurance in place? | ||
| Do you have income protection in place? | ||
| Do you know how much you have in super? | ||
| Are you and your partner in agreement about your finances? | ||
| Do you feel confident about your overall financial position? |
If you’ve answered ‘no’ to any of these questions then you need to speak to a financial planner. The sooner you do, the closer you will be to achieving peace of mind regarding your financial position.
Make the right choice today! Book a cost and obligation-free financial advice appointment: https://bit.ly/your-right-choice.
Visit our website to learn more: https://rightchoicefinancial.com.au/