Women remain more concerned about finances
One in four Australians have indicated acute stress levels over finances, with women (37 per cent) much more likely than men (22 per cent) to feel ‘extremely’ or ‘very’ stressed about their financial situation, according to the Financial Planning Association of Australia (FPA).
The FPA ‘Live the Dream’ national report showed more women than men were part of the 80 per cent of working-age Australians who recorded high stress as a direct link to managing finances.
Commenting on the findings, FPA chief executive, Dante De Gori said the trend showed younger generations were also more likely to be stressed, although the trend was reversible if Australians were more willing to seek help from financial planners.
The report also established a link between financial planning and a sense of “living the dream,” which De Gori said reflected the need for professional planners to assist in reducing stress.
More than half of Gen Y respondents (53 per cent) considered financial planning “too hard” over 25 per cent of Baby Boomers.
The research was released in conjunction with Financial Planning Week (21-27 August, 2017).
AUTHOR
Hope William-Smith
Recommended for you
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
Private market secondaries manager Coller Capital has unveiled a new education platform to improve advisers’ and investors’ understanding of secondaries.
