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Australians Seek Financial Independence – Report

The priorities of Australians have changed, with financial independence now the nation’s most common aspiration, according to a new report.

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Insignia Financial’s inaugural Financial Freedom Report, commissioned by Insignia and conducted by social research agency McCrindle, explores the aspirations of Australians across generations, genders and demographics.

Insignia Financial says that in what appears to be a shift from the past, the most common aspirations held by Australians today are:

  • Achieving financial independence (55%)
  • Taking regular holidays (50%)
  • Maintaining a good work/life balance (45%)
  • Home ownership (45%)
  • Building a trusted group of family and friends (44%).

The firm says that when it comes down to it, Australians are now more inclined to pursue their dream life (60%), over owning their dream home (40%).

Renato Mota …the report sets some important benchmarks

It says this shift in priorities has manifested at a time when the impacts of Covid and increased cost of living pressures have altered the short-term behaviours of many, forcing three in five Australians (62%) to adjust household spending and budget more.

“When asked if they would be able to maintain their current lifestyle over the next two years, 56% of Australians were not confident this would be possible, compared to the 44% of Australians who strongly or somewhat agreed this would be possible.”

Insignia Financial Chief Executive Officer, Renato Mota, says it’s clear Australians have changed their priorities in life from the traditional dream of owning a home to living their dream lifestyle, which is under pressure from the current economic climate;

He notes the report sets “…some important benchmarks that helps us understand and support the aspirations and dreams of Australians for years to come.” 

…a third of Australians (31%) report receiving no financial literacy education in their childhood…

In other findings, Insignia Financial says a third of Australians (31%) report receiving no financial literacy education in their childhood, with 35% receiving a small amount and only 22% receiving a fair amount.

It states that from a young age, females are at a disadvantage when it comes to financial knowledge and the lack of adequate financial education often impacts their greater financial wellbeing later in life.

Younger females are most likely to report receiving either no, or a small amount, of financial education in their childhood.

The report also notes that despite women being at a disadvantage when it comes to financial knowledge and education, they are working hard to achieve their dreams and are more motivated than men to achieve them (55% are extremely/very motivated to achieve their dreams versus 44% of men).

Unsatisfied with Financial Situation

Meanwhile, three in four Australians would like to do more with their finances, with more than one in five Australians (22%) claiming they are not at all satisfied with their financial situation, and more than half (55%) considering themselves only somewhat/slightly satisfied with the state of their finances.

“In saying this, more than half (58%) of Australians want to manage their money better, with 63% of the population dedicating more focus to increasing their financial knowledge compared to 12 months ago,” the firm says.

 

 

May 23, 2023
riskinfo.com.au


David Forrest Download David's Advisor Profile

David Forrest

Director
BEc (Acc), MBA, CPA, FFin

David has been in the Financial Services Industry for nearly 30 years. He was one of the founding Directors of the successful Financial Planning and Stockbroking Practice, Henderson Gregory Forrest, for a decade. Prior to that, he held senior roles in companies such as ING, KPMG Accountants and AMP. David was previously Chairman of OAMPS Superannuation Trustee Board and currently serves as an independent Board Director for several companies.

David’s extensive experience in all forms of superannuation, including Self Managed Super Funds (SMSF), Defined Benefit Funds, retirement funding through Account Based Pensions, stockbroking with a focus on Direct Share Investment, Taxation/Remuneration Planning, Centrelink, Aged Care and business management, equip him to advise expertly on all aspects of Financial Advice.

Those with a particular interest in superannuation/SMSFs, direct share investment, salary packaging or applying for the Centrelink Pension will find his knowledge and ability in formulating and implementing creative, logical and simple wealth creation strategies a valuable asset.

David maintains a strong personalised client service focus, providing tailored solutions for clients.

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David Forrest is an Authorised Representative of Integrity Financial (SA) Pty Ltd ABN 16 133 921 187 — AFSL No 334846

Michelle Forrest

Michelle Forrest

Business Finance Manager
B Bus (Acc), CPA

Michelle’s career has spanned across the Financial Services, Retirement Living and Aged Care industries working in the private sector, not for profit and more recently with the state government for over 20 years. Her experience extends to many facets of the financial services industry, having worked in superannuation administration, technical support and financial planning practice administration.

Commencing with AMP and subsequently working in commerce and accounting roles with companies such as Brambles, Adelaide Bank Retirement Services, ECH Inc and SA Health and Wellbeing, Michelle returns to financial services after working in practice financial management at Henderson Gregory Forrest. This wide range of experience from senior accounting and management roles has provided Michelle with a strong background in business administration.

With an astute financial acumen and keen interest in business improvement strategies, Michelle ensures the smooth running of the Integrity Financial Advisory practice providing valued management support to our personalised client service focus.

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Jasmine Smith

Jasmine Smith

Client Service Manager

Jasmine has worked in the financial services industry for over 12 years in all areas of client administration, working with David since 2013.

Jasmine has extensive knowledge and experience in client service including implementation of advice, portfolio reporting, assisting with the establishment of Self Managed Super Funds (SMSFs), term deposit management and a long history of helping clients with their enquiries.

Jasmine’s attention to detail, yet gentle approach, means she is able to solve the trickiest of questions for our client community.

Jasmine has gained her Certificate III in Financial Services qualification.

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Merrilyn Smith

Merrilyn Smith

Senior Client Service Manager

Merrilyn has worked in the financial services industry for over 11 years in all areas of client administration, and is a new addition to our client services team, returning from Melbourne to join the team in June 2019.

Merrilyn has extensive knowledge and experience in client service including implementation of advice, managed fund administration, assisting with the establishment of Self Managed Super Funds (SMSFs) and process improvement for the previous practices she has worked with. Merrilyn’s experience with direct shares constitutes the other part of our administrative support for direct equity investments.

Merrilyn’s warm and caring nature continues to endear her to our clients and she has already established herself as a valued member of our team.

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