Is everyone in your family getting the financial advice they should?

Australian families are changing and so are their financial needs.

It’s no secret that Australia’s population is growing older — around 15% of Australians are now aged 65 or over, while the proportion of younger people is slowly declining.[1] And by 2020, the median age of Australians will have reached 40.[2]

This demographic shift is likely to have a big impact on Australia’s economy in the years ahead. What’s more, it could even shape some aspects of your family’s lifestyle — anywhere from career choices and spending habits to living arrangements and family planning.

That’s why it’s more important than ever to take control of your family’s financial future. And that includes making sure every family member get the financial guidance they need at each life stage. .

A family affair

No matter what life stage you’re at, or where you fit into your family tree, your financial decisions could have a lasting impact on your loved ones. That’s why it’s worth including other members of your family in the financial advice process.

By getting advice together, everyone has the chance to share their perspective, voice their concerns and discuss the future. It will also give your Financial Adviser a deeper understanding of your family’s overall circumstances.

Here are just some of the life events your financial adviser can help you and your family with:

Starting out — joining the workforce, saving for your first home or buying a car

Raising a family — taking time off work or saving for your children’s schooling

Managing debt — paying off your mortgage, getting rid of student debt or using debt to grow your wealth

Staying covered — protecting your financial security with personal insurance

Career changes — switching jobs, getting a promotion or facing redundancy

Making plans — saving for holidays, renovations or other major purchases

Receiving an inheritance — investing it wisely for the future

Finishing work — planning for retirement and managing your retirement income

Aged care — looking after elderly parents or exploring aged care options.

Helping our elders

Now that Australians are living longer, the demand for aged care services is likely to increase as well. And in many families, younger generations may also take on more of the responsibility of caring for parents, grandparents and other relatives.

Your financial adviser can help too — by putting appropriate retirement and aged care strategies in place for you and your loved ones. With the right advice, older family members can progressively take advantages of various assistances from the Government as they advance in age.

Sharing the wealth

Financial advice is about more than simply winding down and preparing for retirement. When your financial adviser helps you build a financial strategy, you should also think about how you want your wealth to be passed down to future generations.

Regardless of your age or financial situation, it makes sense to have a proper estate plan in place. That way, you can have peace of mind knowing your assets will be divided according to your wishes after you pass away. It can also help your family members avoid disputes or resentment while they’re grieving.

The first step is to create a will — and if you’re not sure how to go about it, your financial adviser can help.

Investing in the young

As the cost of living rises and property prices continue to soar, it can be tough for younger Australians to get a head start and become financially stable. As a result, many baby boomers are looking to give the next generations a helping hand now, rather than holding off the transfer of wealth until after they’ve pass away.

Your financial adviser can show you the most effective ways to help out the young ones and get them set up for the future. Depending on your situation, this may include gifting an asset, helping to pay off your child’s home loan, or taking out an investment bond to save for your grandchildren’s education.


[1] Australian Bureau of Statistics, Australian demographic statistics, June 2014.

[2] McCrindle Research, Australia in 2020: A snapshot of the future, 2015.