It is estimated that more than 60% of Australians do not have a plan to map out their financial future. [1]

If you are suffering the effects of Christmas financial excess, 2017 is time to take control of your financial future and make the most of your savings.

These financial realities for Australia really highlight the need to manage your financial future:

One in three Australians will be affected by an accident or illness which will require time away from work for more than three months, [2] and yet 95% of Australian families do not have adequate levels of insurance. [3]
A White Paper completed by a leading insurance provider, indicates that 58% of survey respondents could not survive for more than three months before needing to sell assets if they were unable to work due to illness or injury. [4]
It is estimated that 20% of mortgage defaults are due to an accident or illness of a person in the household. [5]
83% of Australians have insurance for their car, but only 31% insure their ability to earn an income. [6]

If you think it’s time to show some financial discipline, setting a plan for your future and protecting yourself and your family from unexpected events may not be as overwhelming as you think.

As your financial adviser, we can help you implement good financial habits and establish a financial plan that considers your stage of life. We understand that there is a balance to be found involving your income, expenses and discretionary spending so you can enjoy life. Establishing strategies for cash-flow management, debt management and wealth creation, which consider your current standard of living and aspirations can help you live within your means, make the most of your savings potential and plan for the future. While enjoying the income and assets you accumulate is important, so too is protecting them.

Having a plan in place is about making the most of your circumstances and protecting your financial position. Importantly, it also brings peace of mind.

To find out more about implementing a plan for your financial future, I encourage you to contact our office on 07 3720 1299 or email admin@wealthfundamentals.com.au

Lane Moses Pty Ltd ABN 56 092 186 117 trading as Wealth Fundamentals and its advisers are Authorised Representatives of Fortnum Private Wealth Ltd ABN 54 139 889 535 AFSL 357306.

The information (including taxation) contained within this document does not consider your personal circumstances and is of a general nature only - unless otherwise stated. Wealth Fundamentals strongly suggests that you should not act on it without first obtaining professional advice specific to your circumstances.

This publication cannot be reproduced in any form without the express written consent of the author.

1.https://fpa.com.au/news/new-research-shows-a-financial-plan-is-the-missing-link-toaustralias-realising-their-dreams/
2. TAL and FSC Underinsurance key facts study 2009
3. Lifewise/NATSEM Underinsurance Report – Understand the social and economic costs of underinsurance February 2010
4. Zurich Insurance Research Whitepaper, February 2014, ‘Australians and life insurance: misinformed, misinsured? http://www.zurich.com.au/content/dam/australia/advisers/Australians-and-life-insurance_Misinformed-Misinsured-booklet.pdf
5. Mortgage default in Australia: nature, causes and social and economic impacts, Australian Housing and Urban Research Institute, March 2010
6. TNS/IFSA Investigating Income Protection Insurance in Australia July 2006