What are Australians’ Top Financial Regrets?
No one is perfect, and we can all admit to making poor decisions in our lives, and feel guilty about leaving things to later. Well, it’s time to learn from mistakes and avoid the top 3 ‘financial’ regrets Australians are having.
According to the FPA ‘Live the Dream’ 2017 National Research Report courtesy of www.moneyandlife.com.au/livethedream, Aussies’ biggest regret is NOT saving enough.
Top 3 Financial Regrets
- Not Saving Enough
The biggest regret for 37% of Australians is not saving enough.
Not having enough savings impacts upon retirement lifestyles, and restricts lifestyle choices. It is also the biggest obstacle to Australians ‘living the dream’ according to the FPA research.
If ‘living the dream’ is something you desire, it’s essential you become a good saver, and make it a life habit.
It’s Good Money Management Skills 101! Without mastering this skill, it gets harder, financially, to live the lifestyle you dream about.
There are many apps on budgeting and savings around or plenty of financial planners who can give you a hand so get off the sofa and start saving..
- Poor Decisions
30% of Australians regret making poor decisions.
We can all admit to making mistakes at one point or another in our lives perhaps caused by poor decisions and poor judgement but we should be able to learn from our experiences, and learn to make better decisions going forward.
Decisions to set financial goals, and sticking to a plan would be on top of any financial planner’s list.
The decision to start making good life choices. To not just dream about your future but decide to make it happen are some of the things, only you can control, and do something about it.
Once a decision is made, seek help and get good advice from professional financial planners – they are only too eager and happy to help.
- Not investing enough
19% of Australians regret not investing enough
Time flies by! It doesn’t wait for you to realise you haven’t invested enough for your retirement. When that moment of realisation happens – it’s too late.
Don’t leave your future to chance. Start to set clear goals, get a plan worked out in consultation with a planner, and start to make good investment decisions now, not later..
Starting to invest early in life can elevate your chances of financial success, and definitely more of a stress-free lifestyle than someone who ponders at retirement age what they should do.
There are many investment options and choices available to you. You can start small and grow your savings, and you can spread your investments around to suit your financial attitude and appetite.
Don’t procrastinate! Seek advice and educate yourself on how you can grow your wealth to suit your level of comfort and financial goals.
As quoted in the FPA research:
‘The Australian ‘no worries’ attitude is being challenged, at least regarding personal finances. Australians are no longer likely to state they have ’no worries’, as 80% say money and finances cause them some level of stress.’
It’s time to end the financial regrets and learn from our mistakes. If you’re ready to make positive decisions about your financial future, speak to us. We can offer valuable advice and recommendations for you.
Talk to a Dome Financial Adviser in Charlestown, Tamworth and Hunter Valley.
The information contained on this page is for discussion purposes only and is not intended to constitute financial product advice. It does not take into consideration any persons objectives, financial situation or needs. You should consider its appropriateness in light of your circumstances and consider seeking professional advice relevant to your individual before making a decision based on any information on this page.
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