Why this confirms my life’s work
Why this confirms my life’s work
The release of this research is very important to us. It was undertaken over seven months by some of the brightest PhDs in finance at Griffith University. Comprising of more than 50 pages, the report certainly passes the ‘drop test’, but it’s the front page that says it all:
“Up to 84 per cent of our generation may not achieve a comfortable retirement.”
That’s a very big number.
It also confirms what has become my mission in life: making the pension irrelevant. Generations X and Y need help, and we need it now.
In a world where housing has never been more expensive, jobs are demanding, parents are ageing and kids need education and attention, our generation is feeling the heat in a variety of ways.
I know many of my friends have been wondering for a while where all the fun has gone? Everything seems so serious, and so urgent.
What does not seem urgent is the need to save for retirement. I get it all too well. With so many demands on us right now, why think about what might happen in 30 years’ time?
But this research proves two things. Firstly, the increasing cost of retirement means it needs to be planned for now to give you time to achieve your goals.
Secondly, the inter-generational wealth transfer is our big opportunity. We need to take the time to really think about how to set up the last third of our lives, and leave a legacy for future generations.
But our engagement with finances and understanding of investing and money is low. So is the take-up of financial advice, as only 2 in 10 Australians are currently in an advice relationship.
Learn to master your money by clicking here for our free eBook, full of tips from financial experts.
Learn from the Money Masters by watching our TV show, click here to view it for free.
The finance industry has not had great success engaging everyday Australians, until they get close to retirement age. And by then it can often be too late.
So we have decided to talk to people differently. For a start, we have made a mainstream TV show about a celebrity investor who begins a journey to engage with the financial services industry.
The results are more than pleasing and I look forward to sharing that journey this week on Channel 9. You can access a sneak peek of the show by viewing our trailer here.
We have also used the research to create a communications platform that urges people to think about their reinvention, not their retirement. As we are living so much longer there is a huge opportunity to plan to live the last 20-30 years in the way we want. Making sure you take the time to dream and then can access the tools and services needed to bring your plans to life is important work.
I remain committed to helping you engage with our industry. There is way too much at stake not to.
For your copy of the report click here.
All the best,
The opinions expressed in this content are those of the author shown, and do not necessarily represent those of No More Practice or its related entities. This information is general in nature and 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. To view our full terms and conditions, click here.