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Financial Management for Gen Y

Wealth management and planning for the future is not just for married couples and older people. Planning for the future while you are still young can have a lot of benefits for you in the long term, particularly when it comes to your retirement. According to the Australian Bureau of Statistics (ABS), in 2006, 31% of young people in their twenties were still living with their parents, mainly for financial reasons.

Making an early start on planning your financial future can help you achieve financial independence sooner, purchase a property and could even give you more to leave to your own children in the future. Although it may seem a long way ahead, starting to plan for your retirement now, and purchasing life insurance early, could make a very big difference to your family’s lifestyle and security in years to come.

One of the first things to do when you are trying to take charge of your finances is to set a budget. Keeping track of your spending and putting regular amounts into a savings account can set good habits which will stand you in good stead later on.

Although starting a family may still seem a long way off, purchasing life insurance while you are young and healthy could qualify you for a hefty discount on your premiums. Life insurance policies are calculated on a number of risk factors, and chances are, a young person will be considered at a lower risk of developing a serious illness and claiming on their policy.

Make sure your super is working for you. Paying into your super fund from an early age means that there will be more in there when you do eventually retire. If you are a Gen Y’er and looking to build the foundation for a secure future, contact a professional financial advisor for help.

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