Bad luck blamed for financial woes
Forget the global financial crisis, most Australians blame bad luck for the parlous state of their finances, according to the results of a survey released by big Queensland-based superannuation fund Sunsuper.
The financial fulfillment survey found one in four respondents identified ‘bad luck’ as the top reason for their financial dissatisfaction, while they identified ‘good luck’ and ‘positive thinking’ as contributors to financial happiness.
Surprising the surveyors was the finding that the global financial crisis and too much debt were acknowledged by fewer than 4 per cent of respondents as being a reason for dissatisfaction.
Commenting on the survey results, Sunsuper chief executive Tony Lally said he was staggered by the number of respondents attributing their financial situation to luck.
“It is concerning that so many of those surveyed believe their financial situation is largely out of their hands,” he said.
“It is particularly remarkable when you consider that while respondents were 12 times more likely to blame bad luck than too much debt, the average Australian household was in arrears to the tune of around $128,000, which is not small change,” Lally said.
“There are many things people can do to improve their situation and take control of their financial destiny and getting a good financial plan is a great start,” he said. “It doesn’t have to be complicated or expensive and it can make a real difference to people’s financial futures.”
AUTHOR
Mike Taylor
Recommended for you
Those financial advice practices which are seeing the strongest profitability and revenue growth share four similar characteristics in how they run their businesses.
The director of Ascent Investment and Coaching, Michael Dunjey, has been charged with 33 criminal offences.
Private wealth manager LGT Crestone has shared how the firm is utilising private debt strategies via a satellite approach and encouraged advisers to look beyond domestic commercial real estate.
The latest annual compliance survey from law firm Holley Nethercote has found licensees are reducing their annual compliance spending, but future DBFO reform could see this change going forward.
