If you are in the worried & concerned 62% then how do you improve your financial position?

 

We read this report & trust you are not in these categories.

“Household savings may be at a 20-year high, but the nation's attitudes towards their personal finances indicate several areas that financial advisers can focus on to grow their client base.

According to the latest Dun & Bradstreet’s Consumer Credit Expectations Survey, almost a third of Australians believe that the current economic conditions are refocusing their attention towards saving.

Aussies in the 50 to 64-year-old age bracket, in particular, could do with some expert financial advice: The survey found that 62% of 50 to 64-year-olds are worried about their personal financial health.

Other key findings that indicate the state of the nation’s finances included:

§  Fifty-nine per cent of consumers are concerned about their current financial situation, 21 per cent of which are very concerned about personal finances.

§  Eighteen per cent of consumers have no savings, while a further 31 per cent would survive on savings for no longer than a month following loss of full-time employment.

§  Thirty-seven per cent of consumers anticipate a positive impact on household finances from further interest rate reductions.

§  Thirty-seven per cent anticipate difficulty meeting existing credit commitments.

§  Sixty-nine per cent of low-income households are concerned about their financial situation.

§  Twenty-five per cent of low-income households have no savings, a further 34 per cent would survive no longer than a month following termination of full-time employment.

§  Twenty-eight per cent of 50-64 year-olds expect to use a credit card for an otherwise unaffordable purchase, while 33 per cent anticipate difficulty meeting existing credit commitments.

§  Forty per cent of low income households expect to use a credit card for an otherwise unaffordable purchase, with 41% anticipating difficulty meeting existing credit commitments.

Source: Dun & Bradstreet Consumer Credit Expectations Survey September Quarter 2012

“Our latest research clearly demonstrates that consumers are worried about their financial position,” said Dun & Bradstreet director Adam Siddique.

“This is partly symptomatic of lingering pessimism from the global financial crisis however, for certain demographics it reflects the reality that households are living hand-to-mouth; with very little savings buffer should unforeseen circumstances occur. So while national household savings levels are at a 20-year high, it is clear that not all consumers are in a position to put money aside.

“For the older demographic, concern over finances in part reflects the ongoing fallout from the global financial crisis and its impact on superannuation.

“Ten to 15 years ago consumers were more comfortable living with a lower savings to debt ratio. However, continued global economic uncertainty is weighing on Australian households and dissuading discretionary spending, credit usage and significant investments such as buying a property.”

See the full report here.”

This is a very scary position to be in.

If you want to meet & discuss & lunch how to improve your current financial position then you are welcome Monday to Saturday.

Just maybe you need to action a strategy so that you are in a better position in 3 years time.

You are welcome to call 3848 1088  or email or visit our websites

 John McAuliffe