As a parent and grandparent, it’s only natural that you’d want to share your financial wisdom with your children/grandchildren, to protect them from making the same mistakes you may have. But how do you share your money tips in such a way that’s actually going to get them to listen? Well it turns out, Aussie grandparents have, in fact, nailed three of the key tenets to saving money.Better still, we’ve got the sums to prove they work. So to find out what these money tips are, and how you can best communicate them to your children/grandchildren in a way that they will get them to take notice, keep reading…

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This year’s Productivity Commission inquiry into superannuation highlighted concerns that many Australians’ super benefits are being eroded by fees and inappropriate insurance premiums. The government has now passed laws to force superannuation funds to take action – in some cases by cancelling insurance policies or paying benefits over to the ATO for consolidation. While the reforms will undoubtedly benefit many Australians, some members who wish to prevent unwanted action on their account may need to take action.  

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With the end of financial year (EOFY) fast approaching, now is an opportune time to take stock of your financial situation, goals and objectives, and do any last minute fine-tuning (where applicable). Given this, we provide you with several EOFY planning tips worth considering, which could help not only reduce your tax bill, but also build and protect your wealth.

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Probably the last thing running through your mind on your wedding day is the unsettling reality that 35% of Australian marriages are likely to end in divorce.

The reason(s) for divorce can vary according to individual circumstances, however, there are often commonalities felt by all – the emotional, psychological and financial impact on the divorcees (and their children).

Importantly, whilst the emotional and psychological impact of divorce shouldn’t be ignored, the financial impact also needs to be carefully considered due to te implications that it can have on an individual’s personal finances over the short (1-4 years after divorce) and long-term (≥5 years after divorce).

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Diversification is the act of spreading the money you have to invest across a number of different types of investments. For example, rather than putting all your money into shares in one company, you split it across multiple shares in companies which operate in different industries or different countries. You might also spread to other types of investments like bonds or property.

Why do this? Because different investments behave in different ways. When one peaks, another may plummet, while another stays flat. Some provide investment returns in the form of income (for example, dividends or rent), others through increasing in value. Diversification ensures that an investment portfolio is not at risk of suffering too much if one or more of its parts fall in value.

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Did you know that if you’re aged between 60 and 64, you can access your super if you change jobs – without retiring permanently? The rules about when you can access your super on “retirement” grounds vary depending on your age. Find out exactly what’s required for your age group.

Recently, AMP reported that its superannuation support team has seen a surge in questions about the rules for accessing super. It says people are especially unaware about the retirement rules that apply in the 60-to-64 age range. Here, we break down the requirements by age group and clarify what you must do to “retire” and access your benefits.

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Financial literacy, like any life skill, takes time and effort to master. However, a strong foundation from which to build upon, a willingness to learn and a supportive environment can help.

Financial literacy needs to be nurtured from a young age through the teaching of personal finance concepts and the instilling of healthy financial attitudes and behaviours.

Below we have provided you with a simple exercise (broken down into nine steps) that you may find helpful to get the ball rolling with your children. Importantly, you may need to tailor this to suit your own personal circumstances.

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It has been a good year for investors thus far, as unexpectedly lower bond yields have not only generated gains for fixed-interest investors but have also improved the perceived attractiveness of many other asset classes. It has helped that …

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As you approach or enter your retirement years, there can be a desire to move away from your current place of residence and start afresh in a new location – a new atmosphere, a new climate, and a new start.

Depending on your personal circumstances, this desire can often culminate into one of the following:

• a sea change (moving to a sea-side location)

• a tree change (moving to a rural/country location)

• or a blend of both (depending on the location)

Interestingly, for inner city or suburban dwellers, this desire is often categorised as ‘counter-urbanism’ (the desire to pursue a shift in housing type and a reduction in ongoing living expenses).

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