Author: peterkirk

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About Peter Kirk

Peter Kirk, Managing Director, Quill Group and a Certified Financial Planner.

financial literacy financial jargon superstash

Solution to Improving Adult Financial Literacy

I was interested but not necessarily surprised to read two articles this week relating to financial fortunes of the general Australian population. The first article talked about financial literacy, where a study by Zurich and Oxford University found that Australia ranked near the bottom of the tables. In the second article, a study by the Actuaries Institute found that almost a third of Australians are in danger of running out of money because they are drawing too much out of superannuation.

With the percentage of Australians that do not currently seek any ongoing financial advice sitting at close to 80%, these reports should not be surprising to anyone. The risk of not achieving any long term goal without some form of coaching, mentoring or external direction is extremely high and it makes sense that those with a trainer, coach or in this case an adviser, have a far better chance of maintaining discipline and achieving their goals.

 

Why is it that so few Australians reach out for financial advice to help improve their financial literacy? 

age pension changes 2017 SMSF

Devil in the detail with Age Pension changes

New changes to the eligibility for the Age pension is due to come into effect on 1st Jan 2017.   With the state of the Federal budget in deficit,  one might argue that changes to the age pension are inevitable.

However, the fairness of the new rules will undoubtedly be something that many existing pensioners will question and I expect many people will adjust their spending plans once they figure out how the new rules will affect their pension entitlement.