Much like exercise and eating well, your financial wellbeing is key to living a happy and healthy life. Financial wellbeing is often overlooked as one of the pillars of good health, but it’s every bit as important as your physical, mental and emotional health. So what is financial wellbeing and how can you improve yours?
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The impact of COVID-19 has shone a light on a weakness in household finances. Whilst it would have been difficult to anticipate the pandemic and the subsequent government response of a nationwide shutdown, many lack emergency funds to manage through a disruption to their income.
Click here to read why women are most hurt by financial pandemic, and the factors that contribute.
The economic impact of the COVID-19 pandemic is playing havoc with finances for many households.
Click here to read about 5 ways to limit the impact at this challenging time.
Come July 1, the annual tax window opens again. Property investors may have access to a wide range of tax benefits, but tax is a complicated matter. It pays to be across the details.
Click here to read more on how you could maximise your return, and what to watch out for
When you’re looking for advice on your finances, it can be hard to know where to turn. Counsellor, adviser, planner? A simple internet search can be enough to make your head spin.
Click here to read about the differences between them, and find out which one may be applicable to your situation
As lockdown restrictions begin to east Australia-wide, a new normal is emerging for businesses and employees. Click here to explore the roadmap out of lockdown, and what lies ahead for our finances
Reduce the risk of investment scams.
Be suspicious of anyone that offers you easy money. Scammers are skilled at convincing you that the investment is real, the returns are high and the risks are low. But there’s always a catch.
Click here to read on how to spot an investment scam, common tactics, how to check if an investment is real, and how to reduce the risk of investment scams.
Are you addicted to multi-tasking?
It can seem harmless at the time - the to-ing and fro-ing between tasks. But research by Professor David Meyer suggests that when we multi-task - or task switch - things take around 40 per cent longer.
Multi-tasking is addictive. Click here to see three ways to kick your multi-tasking addiction and get more work done in less time
After career-interruption and a lifetime of caring for others, many women have good reason to be concerned about how they will manage during retirement, but research shows early intervention from a financial planner can help build confidence about the future.
There are two possible areas of action:
Preparation for retirement needs to start young and be sustained through life; and
Australia must find a way to ensure that no one is disadvantaged by taking on caring roles that prevent or limit the opportunity for accumulating retirement savings.
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The COVID-19 crisis is turning out to be a tough time for many households. Maximising tax effectiveness is one strategy for being smart with your finances.
With the financial impact of COVID-19 being felt by many individuals and families, perhaps you’re looking to lodge your next tax return quickly to benefit from a refund. Before the end of the financial year arrives on 30 June, it’s worth looking at ways to maximise any tax offsets, deductions and contributions – for your super and for working from home.
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The attached note updates our analysis of the impact of the Coronavirus shutdown on the Australian housing market.
The key points are as follows:
Australia capital city hoome prices fell by -0.5% in May, based on Core Logic data, with five of the eight capital cities seeing falls including Melbourne (-0.9%) and Sydney (-0.4%)
Significant policy support and the earlier reopening of the economy have made our worst-case scenario for a 20$ decline in average Australian house prices unlikely.
However, our base case is for home prices to fall around 5-10%, as “true” unemployment will remain high, government job and income support measures and the bank payment holiday end in September, immigration falls and new supply is likely to be boosted via government measures designed to support home building. Sydney and Melbourne are likely to be impacted the hardest, particularly given their greater exposure to immigration.
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During these unsettling and challenging times, the last thing you need is financial stress. What’s most critical now is the health and safety of you and your family.
The Financial Planning Association of Australia have put together a consumer guide in the hopes that it will be a helpful tool for maintaining your financial well-being amid the current crisis.
Please click here to access the guide
Oil prices have had a volatile few weeks and some companies will be better placed than others to weather a period of lower prices. A focus on balance sheets will be crucial.
The spread of COVID-19 has caused volatility across financial markets in recent months, but the energy sector has a second crisis to deal with, with crude oil prices tumbling to the point of even turning negative for a brief period.
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The emergence of the COVID-19 pandemic became an economic event of extraordinary scale across the world. In response to the economic effects of COVID-19, in March 2020, the Reserve Bank implemented unconventional monetary policy measures in Australia, joining central banks in other advanced economies.
Click here to view an outline of these measures
As we’ve seen recently growth assets like shares have periods of bad short-term performance versus bonds & cash. But they provide superior long-term returns which is essential to grow retirement savings. It makes sense for superannuation to have a high exposure to them.
The best approach is to simply recognise that super and investing in shares is a long-term investment
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In March and April 2020, a whole range of payments have been announced for Australians looking for financial relief as a result of the COVID-19 pandemic and economic crisis. Click here to find out how you could benefit from the Federal Government’s economic stimulus package.
With weeks, and perhaps months, of self-isolation ahead, many of life’s conveniences like streaming and delivery services will become our essentials. But if you’re used to spending unlimited amounts to make life that little bit easier, now is a good time to look at what you can live without to make your budget go further.
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The federal government has announced early access to super as one of their measures to support people experiencing financial hardship during the COVID-19 pandemic. However, there are things to consider when you access a lump sum from your super early, including ramifications, playing catch-up, and other options.
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The unprecedented disruption caused by COVID-19 has left may coping with redundancy. Find out how you can best prepare yourself financially and emotionally for being off work, and whatever may come next, by clicking here
The recent JobKeeper initiative is a wage subsidy paid to eligible employers, who may receive $1,500 per fortnight per eligible employee.
Please click here to find out more