Seeking planners for “invisible-money generation”
Parents are struggling to raise what the Financial Planning Association (FPA) has dubbed the “invisible-money generation,” according to the organisation’s new report, Share the Dream.
But seeking a financial planner could help.
The report revealed two thirds of Australian parents believe digital money is making it harder for children to grasp the value of real money and three in five parents believe this generation would be financially worse off than their own generation.
The report also showed 47 per cent of 14 to 18-year-olds are nearly as likely to take an interest in online purchases as they are to spend physical banknotes and coins at the shop.
Two thirds of parents show reluctance to speak with their kids about money and parents who have sought advice from a financial planner were more likely to have regular chats with their kids about money than those who have not.
CEO of the FPA, Dante De Gori, said this was a stand-out insight, and seeking a financial planner would create a “lasting positive legacy” for the invisible-money generation.
“For starters, it makes them much more confident in having frequent conversations with their children about money (61 per cent compared to 43 per cent of those who don’t seek the advice of a financial planner), which lays a strong foundation for a better future.”
AUTHOR
Anastasia Santoreneos
Recommended for you
With wealth management M&A appetite only growing stronger, Business Health has outlined the major considerations for buyers and sellers to prevent unintended misalignment between the parties.
Industry body SIAA has said the falling number of financial advisers in Australia is a key issue impacting the attractiveness and investor participation of both public and private markets.
As advisers risk losing two-thirds of FUA during the $3.5 trillion wealth transfer, two co-founders underscore why fostering trust with the next generation is vital to retaining intergenerational wealth.
As advisers seek greater insights into FSCP determinations, what are the various options considered by the panel and can a decision be appealed?
