We understand that when you are in your 20s and 30s, thoughts of retirement are as far off as life on Mars.
You are young. 65 seems like a million years away.
But what if we told you that by making one simple change, you could be over half a million dollars richer?
A little bit more appealing now, right?
It really is quite astonishing how quickly you can fly through your 20s and 30s, to be mid-forties and contemplating your financial future. (Trust us, we’ve been there).
Thoughts of, ‘If only I did this’, and ‘Imagine if I put away $xx a week‘. are common thoughts among Gen X who are now looking at what their financial future looks like.
We are on a mission to help Millennials to avoid this situation and be in control of their future (plus half a million richer in the process).
Don’t wait until retirement
If someone were to say you can be half a million richer in 30 years’ time – would you take it?
We’d like to think so.
And it is possible by doing one thing. Getting quality financial advice EARLY.
If you are an average Aussie, approx 35 years of age earning $100,000 and with a super balance of $50,000, your net assets at age 65 could be $664,000 greater than if you do not seek advice.
The funny thing is, 80% of Australians believe that financial advice can help put them ahead. Yet only 30% have seen an advisor.
Not just a transaction, but an investment
Yes, like any other service like a haircut or getting your car serviced, seeing a Financial Advisor does cost money.
But it is more than a financial transaction.
It’s a financial INVESTMENT.
It’s an investment now that will benefit their financial future for years to come.
The benefits of early advice
The proof is in the statistics with only 5% of Baby Boomers confident they have the financial resources for a comfortable retirement.
What about the other 95%?
Are they stressed to the eyeballs with the thought of living off the pension and living week to week?
Additionally, only 1 in 2 Australians actually have a good understanding of what financial resources they NEED for a comfortable retirement.
This level of financial awareness needs to change.
Greater gains the earlier you start
The great thing for Millennials is, there are greater gains to be had the earlier you start.
Research shows that 89% of Millennials believe obtaining professional financial advice could benefit them in retirement with the top 3 benefits being:
- Understanding how much I/we need to retire
- Understanding what I/we can change now to help achieve my/our ideal retirement in the future
- Confidence that I’m/we’re on the right track
The problem is many Aussies believe their Super will be sufficient to live on for a comfortable retirement. In many cases, especially for women who may have spent time out of the workforce, this is not the case.
The gender superannuation gap highlights this deficiency with women retiring with far less super than males due to time out of the workforce.
Research shows Australian women earn $1.01m less over their working lives than men and $136,000 less in superannuation.
At retirement, women earning the median wage will accumulate around $393,676 in super, $151,000 below what is considered a ‘comfortable retirement’.
The benefits of financial advice
83% of those who have sought financial advice state they have received benefits as part of this advice with the top 3 being:
- Lower debt
- Better performing investments
- A better understanding of my financial performance
On average, Australians with a financial advisor are 5.8% per annum better off than those without.
The future for Millennials
Millennials make up 15% of the Australian population yet own less than 5% share of national wealth.
They are less likely to own a home, take on more debt with increased house prices and are in a period of wage stagnation.
Quality financial management has never been more important.
By doing nothing, you are simply leaving your future finances to fate.
Take control now and reap the benefits.
If you’d like to have a chat with one of our Financial Advisors, book an appointment today.
