Money tops list as biggest regret for every Australian generation
New research from the Financial Planning Association of Australia (FPA) has found that almost a third of Aussies are stressed about their finances, with a low bank balance being the biggest roadblock from achieving their desired lifestyle.
A lack of time and self belief, debt, and poor decision making skills were also recorded to be standing in the way between Aussies and their dreams.
The biggest regret amongst all Aussies when it came to planning and achieving their financial goals was failing to save enough money, according to the ‘Living The Dream’ report. One in five Aussies said they regret not investing enough, while one in ten regretted to have invested in the wrong things.
Poor financial planning was the second biggest regret amongst all generations, which the FPA thinks, is crushing the Aussie ‘no worries’ attitude.
The Top 3 Regrets for every Aussie generation
| 1. Not saving enough (42%) 2. Poor decisions (33%) 3. Not taking care of myself (32%) | 1. Not saving enough (38%) 2. Poor decisions (31%) 3. Not taking care of myself (30%) | 1. Not saving enough (28%) 2. Poor decisions (26%) 3. Broken relationships (25%) |
Source: FPA 'Living The Dream' Report
The three major problems Aussies have when it comes to their financial planning included:
- Not knowing what they want
- Being unable to find the right resources to help create a plan
- Finding the time to financially plan
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Despite this, the FPA noticed a link between those ‘living the dream’ and having a financial plan along with practising various spiritual and personal acts, like mediating, making the effort to get up early and spending time with family.
If you’re ready to get serious about your financial future, here’s some tips from the Mozo’s Money Experts:
Devise a budget - This will be your biggest ally when it comes to staying on top of your spending, as it’ll help keep you on track of reaching financial goals. Unsure on what your budget should look like? Our free budget calculator can help!
Be realistic - There’s no point in making a plan that you won’t actually stick to because of its unrealistic expectations. It’s important that you set goals for all stages of your life, ie, short, mid and long term, to ensure a gradual growth in achievements.
Do a money audit - Choose a day where you can completely dedicate your time to making sure you’re on top of your finances. By this we mean going over your home loan, insurance, credit card statements, or any payments you make to see if you’re still getting the best deal for you. You may be forking out more than you need to!
Need more tips and tricks on saving money? Sounds like you need our Life & Money hub!