Across the population, financial literacy in Australia is very low by international standards. There is a good argument that most Australians need some form of financial advice to bridge the knowledge deficit that exists around how they build wealth and manage financial risks.
In any event, there are a number of recognised ‘life trigger’ events that are a clear and pressing sign you may need financial advice:
1. Retirement
2. Redundancy
3. Changing jobs
4. The purchase of the first home
5. Borrowing large sums via mortgage debt
6. The purchase or sale of a large asset
7. The death of a loved one
8. Inheritance
9. Marriage or joining finances with a new spouse
10. The birth of a child
11. Illness or accident
12. Divorce
13. The loss of a job or income
14. Entry to aged care
Each of these life events presents both threats and opportunities to your wealth and must be handled correctly – for your own benefit. Ideally you should not wait until one of these events is upon you as it is always better to forward plan.
Contact BSR Financial Advisers to get started on your plan.
