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. Poor financial health has been linked to a range of nasty side effects like stress, depression, anxiety, sleeplessness, relationship break-down, drug and alcohol use to name a few. Yikes!
With the initial phase of the JobKeeper program due to conclude on 27 September 2020, yesterday the Government announced a second phase which will extend the program for an additional six months through to 28 March 2021. The MFAA welcomes this announcement and the extension of this important economic support measure.
Also known as your credit rating, your credit score is based on a report lenders request when you apply for a loan or credit card in your name only, or together with someone else. From store cards to home loans, your credit score is used by lenders to decide whether you can borrow money, how much and on what terms.
In Victoria, we find ourselves back in lockdown for at least the next five weeks. While it involves working and schooling from home, lots of walking-for-exercise and, no doubt, the odd glass of stress-releasing wine, the obvious winners are the ‘Buy Now, Pay Later’ companies who have enjoyed a phenomenal run this year.
Financial planning is all about developing strategies to build your wealth and reach your financial goals, such as achieving financial independence or having a comfortable retirement. A financial planner, sometimes called a financial adviser, will work with you to develop a financial plan and make suggestions on how to achieve it.
Although concern about money isn’t the only problem we’re grappling with, financial stress is likely to be on the rise, even among those of us who are generally pretty good at staying on top of our finances.
The COVID-19 crisis has seen many Australians taking steps to stay afloat with their finances. With women more likely than men to withdraw super to make up the shortfall in their income, what does this mean for their long term financial wellbeing? Fran Hughes CFP®, Head of Financial Solutions explores the reasons why a super withdrawal at this time could leave women financially vulnerable.
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