'Generation X' urged to set wealth goals now

Mozo

Wednesday 19 January 2011

Australia's "Generation X" has been urged to set up solid, long-term financial plans before it's too late.

'Generation X' urged to set wealth goals now

National Features finance commentator Anthony Keane noted that members of Gen X – namely Aussies born between the 1960s and about 1980 – are often preoccupied with everyday financial concerns and overlook long-term planning as a result.

"They must balance careers, childcare, school fees, insurance demands, ageing baby boomer parents, big mortgages and workplace competition from their successors Generation Y," he observed in the piece on news.com.au.

Mr Keane argued that while most members of Gen X will have had compulsory superannuation paid to them for most of their working lives, super payments will not be enough to guarantee a comfortable retirement and that people must also look to set their own future wealth goals.

Indeed, commenting on this theme, MyBudget founder and director Tammy May suggested setting annual savings goals, claiming that by simply making a conscious effort to save "spare change", people could gain an extra $1,000 each year.

Aussies searching for good options for their long-term funds could choose to compare savings accounts before weighing up the returns. According to Ms May, debt reduction should also be a priority when developing such long-term financial goals.

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