Is everyone in your family getting the advice they should?
Australians 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. And by 2020, the median age of Australians will have reached 40.
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 assistance from the Government as they advance in age.
 Australian Bureau of Statistics, Australian demographic statistics, June 2014.
 McCrindle Research, Australia in 2020: A snapshot of the future, 2015.