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The current cost of living has dramatically altered people's sentiment as they grapple with the readjustments to interest rates and inflation, which are eroding their long-term purchasing power and leading to surging prices at the registers. Combined with a general level of uncertainty around the short to medium outlook, it's no wonder that in our recent Workforce Trends Report, Australia's largest study of workplace wellbeing, financial wellbeing has surged as a concern for Australian workers.
In our recent report, we found that Australian workers listed financial education as important but not being addressed to close the gap of what is needed.
Financial literacy is not necessarily a skill we receive at school and is often delivered in real-time. So, to offset the uneasiness of financial stress, we often implement a strategy called "Avoidance Coping". In simple terms, we take active steps to avoid the challenges in front of us. In most cases, it just prolongs the stress and is widely considered an unhealthy practice.
Taking steps to be educated and tackling one slice of the financial pie at a time, goes a long way to lifting the weight of an uncertain financial outlook. It's clear there is no one size fits all approach that can be rolled out, so be encouraged to focus on one aspect of your financial landscape to start the journey.
The big ticket items generally fall into the following categories; budgeting, superannuation, insurance, mortgages &/or loans and investing.
If these signs apply to you and your finances, then your financial wellbeing likely needs a boost.
Financial wellbeing can provide confidence, clarity and choices. One important component is foundational education but continual learning will help ensure lessons are embedded into habits.
Wherever you are on your financial journey, from early career to retirement, we can help you plan for the future and adjust to changes when 'life' happens.
From busy individuals to those with complex business or personal situations, our advisers can help you achieve your financial goals by bridging the gap of where you are today and where you want to be tomorrow.
The information and any advice in this article does not take into account your personal objectives, financial situation or needs and so you should consider its appropriateness having regard to these factors before acting on it. When considering whether to acquire a financial product, before making any decision, you should obtain the relevant product disclosure statement.
This article may contain material provided by third parties and is given in good faith and has been derived from sources believed to be reliable but has not been independently verified. To the maximum extent permitted by law: no guarantee, representation or warranty is given that the information or advice in this newsletter is complete, accurate, up-to-date or fit for any purpose.