Why is it that most of our Gen Y’ers choose not to seek professional financial advice?

Money Magazine recently reported on RaboDirect’s Financial Health Barometer, showing that 24% of respondents in the Generation Y (those born from the early 1980’s through to the early 2000’s) age bracket would rather look to family, friends or even colleagues for financial advice, rather than seek the advice of professional financial planners.

Whilst it is important that Gen Y seek some advice rather than none at all, it is vital to understand the benefits of sound financial planning habits in your 20’s and 30’s to set you up for a secure financial future.

Setting financial goals and starting with a bucket list helps. Prioritising these goals and time-framing them helps identify where you should be allocating your salary to reach those goals. Working through short, mid and long terms goals is key to knowing where you want to be and what you want to achieve.

Paying of personal debt and adopting an earn more, spend less approach makes the most sense, so get rid of those credit card debts as soon as possible.

Choosing the best investment options for your superannuation also plays a key role here. Knowing the long term effects of your return on your investment type and what that really means in 20, 30 or 40 years is essential to making the most of your superannuation fund. Are you a conservative investor (more cash, less shares and property, lower return) or someone willing to look for high growth (less cash, more shares and property)?

Quite simply, working closely with a financial adviser offers the opportunity to set real, sound financial goals and maximise investments and earnings for the future.

For more information contact Andrew Rowan on 5331 6550 or email [email protected]