PDA

View Full Version : Interim Results from Stevo's Survey.



stevo68
30th October 2013, 11:42 AM
G'day All,

Thanks to all those that did my survey. I have attached a spreadsheet with the detail for those that are interested. The survey has been spread across various forums to get a snap shot from people from all walks of life, professions and life stages. They have included, obviously AULRO, Linked In, FB and people that I know. It was totally anonymous.

The outcomes pretty much back up the current stats and facts when it comes to the average Australian. These are as follows:

The Worry



Most of the people in the survey are under insured or not insured at all.

Most people felt that they do not have enough to have a comfortable retirement.

Most people have never had a financial plan done or seen a financial planner.


The Positive




Most people would be prepared to have a complimentary financial health check up.
Most people would prefer to go to someone they knew or were referred by someone they knew.
Everyone would improve their financial situation if they could.
Everyone believed that financial advice was for everyone, not just those who are already well off.


Snapshot Analysis on the key concerns.


In terms of insurance ( I will be putting up a post covering insurances in more detail), there were comments about not needing it, not aware of it or didnt realise they may need it.




Life Insurance- its not about you, its about the people you leave behind. Loved ones, dependants and so forth. It can be the difference of leaving them with debts, change in lifestyle, selling family home, taking kids out of school.

Income Protection-83% of Australians insure their car, 31% their income. Bringing it close to home, your average Landy will depreciate a fair bit over 5 years. However your income will most likely increase over the next 5 years. Your greatest asset is your ability to earn an income. No income = bye bye Landy, bye bye house and hello caravan park and a pushy.
Trauma/TPD-Think of this as the "living" insurance. You may get struck with something like cancer, a stroke or have a hearty and you live. What's going to cover your bills, mortgage, medical expenses? What if it is permanent?


Touch wood, you don't ever need some fo these ( though Life is a given) but just as we insure our car’s and houses, we have all heard of someone who has had a car accident or damage caused to their house or possessions stolen. We’ve also heard the stories where they haven’t had insurance and the financial hardship that can ensue. It happens. So we insure them, just in case. But they are, at the end of the day, possessions.


So how well are you protected should something unforeseen visit your front door step? What is your level of peace of mind that if you were to find yourself in such a situation. Would you be comforted in the fact that your mortgage was fine, income was fine, family taken care of, medical expenses covered and that you had time up your sleeve to either recover or at least not have to worry financially for the rest of your life?Food for thought?


Not Enough For Retirement


Straight off the bat, the best time to start for retirement and throughout your working life, is when one is young. Anyone reaching retirement whereby it's looking pretty stark........were all young once. Again I will put up a post on this in more detail. Not having a financial plan in place is


a bit like wanting to go on a holiday but having no idea of where you want to go, how you’re going to pay for it or if you do know where you want to go, no idea of how to get there.


So based on that, what are your chances of actually going on the holiday? Chances are none to slim at best. Life is very much the same. If you want to achieve the financial goals that you desire, would you not also need a plan for that as well? Or is the preference to wing it/DYI.



Here's a couple of stats to get the noggin thinking:






Today’s thirty and forty-something’s face a retirement spanning more than two decades, and demographic change suggests only an optimist would rely on the age pension.



There is no doubt that Australians who start planning early, with the benefit of high quality advice to help them make informed decisions about financial challenges and opportunities throughout their lives will end up better off.



The Yale University graduating class of 1953 was asked the following question, “How many of you have clearly established goals for your life? Three percent of the class replied that they had clearly established goals. Twenty years later the group was surveyed again and it was found that the original 3% with clearly established goals had greater financial net worth than the remaining 97% combined.



Recent article in the news showed that many people are using their super to payout their mortgage at retirement and then having to rely on the Aged Pension.

More food for thought?


Now aside from the updates that I will put up which are really more to educate and hopefully motivate you to do something. For those that said they would like a complimentary financial check up ( and people across the formats I have surveyed are starting to book in) then PM me and we can go from there.



Any questions or queries, please let me know,


Regards


Stevo


P.S. Updates and info can also be found at https://www.facebook.com/stevosbetterlifeaheadforyou


P.S.S. If you want to do the survey go to Financial Health Check Survey (http://www.surveymonkey.com/s/SDB2VG2)