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Michael Russell
Michael Russell

Financial Adviser


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Australia has spoken - The antidote to worry is getting a financial plan

The Australia Talks National Survey fielded in July 2019 shed light on what Australians are most worried about. When presented with a list of 27 worry factors ranging from money to survival of the species, the nearly 55,000 respondents were most personally affected by the same top concerns – climate change, ageing, saving for retirement and personal health.

What Australians worry about

  • Saving for retirement was a worry for 62 per cent
    51% of retirees expect to outlive their retirement savings
  • 56 per cent were concerned about their health
    The proportion of the population with basic hospital cover fell to a 12-year low of 44.2%
  • 72 per cent never want to live in a nursing home
    Yet, only 25% believe they will live comfortably in retirement

The national survey findings mirror what FMD advisers have learned over 15 years of conversations with our clients.

After working hard to accumulate wealth, everyone wants to retire comfortably, take care of themselves and their families as they age and lead a healthy, happy life with those we love. That is why we are committed to helping our clients achieve optimal health, wealth and happiness through personal professional financial planning and advice. By setting financial goals and developing a plan to achieve them, including contingency plans for life’s curve balls, we help our clients channel their worries into positive action, which brings peace of mind and confidence about the future.

The survey findings support this notion, revealing that most Australians are more optimistic about our own futures (78% of respondents) than we are about the country’s future (51%). No doubt this optimism is due to the sense of control we have over our own lives and actions compared with our ability to influence national issues.

Personal versus National worries

  • 45% live in fear of not being able to afford a home, while 90% agree that Australia has a household debt problem
  • Only 50% are personally worried about ageing, but 87% feel that our ageing population is a national worry
  • While 36% worry that crime will personally affect their lives, 70% feel that crime is a problem in Australia
  • Less than a third (30%) of Australians worry about providing for their families, however 90% believe the cost of living is “somewhat” or “very much of a problem” for the country

Financial planning is something we can choose to do to improve our lives, gain greater control over our future and make the most of the money and circumstances we’ve got. We’ve always believed wealth is an enabler for life. Our advice process is all about gaining a deep understanding of where our clients want to go and how they can get there. You can’t control everything in your financial sphere but having a plan for what you can control makes a huge difference to financial security and happiness.

Of course, clients do worry about financial matters and those worries change at different stages of life, but we’re always there to support them and offer practical advice. There may be worries about income in times of career transition, funding kids’ education, concerns about having enough money in the lead up to retirement or worries about caring for aged parents. They’re all common concerns we help clients plan for so they can sleep well at night and enjoy a fulfilling life.

Stop worrying. Start planning.

Sources: ABC Australia Talks National Survey, July 2019; Investment Trends: Retirement Income Report 2018.

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General advice disclaimer: This article has been prepared by FMD Financial and is intended to be a general overview of the subject matter. The information in this article is not intended to be comprehensive and should not be relied upon as such. In preparing this article we have not taken into account the individual objectives or circumstances of any person. Legal, financial and other professional advice should be sought prior to applying the information contained on this article to particular circumstances. FMD Financial, its officers and employees will not be liable for any loss or damage sustained by any person acting in reliance on the information contained on this article. FMD Group Pty Ltd ABN 99 103 115 591 trading as FMD Financial is a Corporate Authorised Representative of FMD Advisory Services Pty Ltd AFSL 232977. The FMD advisers are Authorised Representatives of FMD Advisory Services Pty Ltd AFSL 232977.