Majority of Australians without financial plan

Majority of Australians without financial plan

Baby boomers are more optimistic than their younger counterparts, with 51% of generation X fearing they won’t have enough money to retire compared to 40% of baby boomers, according to new research from Financial Planning Association of Australia (FPA).

The ‘Dare to Dream’ research concluded ahead of the 16th annual financial planning week revealed more than two in five Australians (63%) did not have a financial plan for their future and a quarter had sought financial advice from a professional or another contact when making financial decisions.

FPA chief executive, Dante De Gori said the research paper sought to uncover the top financial goals, hopes and dreams for Australians across all life stages while identifying the obstacles to seek professional advice.

“The findings of our Dare to Dream research show that as a nation, We are dreaming more than we did five years ago, but we often aren’t living to our full potential.This might be because of fear, apathy, or lack of planning. For financial planners, these are valuable insights into their client base,” De Gori said.

The research surveyed 1,016 Australians across baby boomers (1946 – 1964), generation X (1965 – 1979) and generation Y (1980 – 1994) and found the most common goal across all demographics was a financial one (34%). The top three aspirations among respondents were full financial freedom and independence (59%), a lifestyle of choice (58%) and pursue interests and hobbies (50%).