Recent Survey Shows that More than Half of Australian Men Feel Financial Stress
Announcement posted by Approved Financial Planners 16 Jul 2014
Financial planners from Perth reveal why solid financial planning and strategies such as the AMP Super Fund can help lessen financial stress.
Perth, WA, 16 July 2014 - A recent survey conducted by The Digital Edge and published by News Corp Australia indicated that a large number of men feel financial stress. The survey polled 1,000 Australian men from all over the country. Those who conducted the study were genuinely surprised that so many men from such diverse backgrounds gave such similar answers when asked about financial stress.
Out of every three men who participated, one said that his current income caused financial difficulty. South Australia had the highest percentage of financial stress, at 49%. Over half of those who took part in the survey said that they felt financial pressure the entire year. Bills, future expenses and insufficient savings were the reasons most cited for feelings of financial stress.
Astoundingly, more than 70% of those surveyed said that financial stress had caused at least one incidence of a health problem or a fractured personal relationship. Some said they had lost their families, some said they developed drinking problems, some said their health had suffered and some even said they had contemplated suicide.
Jeff Kennett is the Chairman of a group called beyondblue, which is part of a national initiative to bring attention to the mounting problem of depression and anxiety in Australia. Mr Kennett is of the opinion that finances, family relationships and health are the areas in which men most commonly feel the effects of financial stress. He also feels that men tend to keep their worries to themselves, compounding the negative effects on their health.
Mr Kennett was quoted as recommending one important positive step when facing financial difficulty: consulting a professional financial planner. According to Mr Kennett: “When your car is broken, you go to a mechanic. When you have financial problems, you should talk to an expert to work out a budget to live within.”
A Financial Planner Weighs In
Daniel Stevens is a financial planner for a firm called Approved Financial Planners. Mr Stevens agrees with Mr Kennett that it is important to consult an expert who can help alleviate financial stress. According to Mr Stevens:
“When a person is under financial stress, it can seem like the world is about to end. They find themselves in the position of being under so much stress that it is difficult to make the correct decisions. In addition, those feeling financial stress often lack the financial resources to extricate themselves from their situations. They find themselves trying to make decisions from a position of weakness or desperation. That is often a recipe for disaster.”
Mr Stevens continued, “I agree with Mr Kennett: the first step is to consult a financial planner who can help you stabilise your current situation. The next step is to begin investing. This can be done in two ways: standard investments and taking control of your superannuation fund. But it starts with a professional financial planner.”
Approved Financial Planners are located in Perth. They offer a wide variety of financial planning and investment products, including the AMP Flexible Super Fund. To learn more, call 1300 787 274 or visit their website: http://www.approvedfp.com.au/.
What you need to know
Any advice contained in this article is of a general nature only and does not take into account the objectives, financial situation or needs of any particular person. Therefore, before making any decision, you should consider the appropriateness of the advice with regard to those matters.
AMP Flexible Super is issued by AMP Life Limited ABN 84 079 300 379. Before making a decision about the product, you should consider the AMP Flexible Super Product Disclosure Statement available from AMP at https://www.amp.com.au/ or by calling 1300 157 173.
If you decide to purchase or vary a financial product, your financial planner, our practice, AMP Financial Planning Pty Ltd and other companies within the AMP Group will receive fees and other benefits, which will be a dollar amount and/or a percentage of either the premium you pay or the value of your investments. You can ask us for more details. Call Approved Financial Planners ABN 52 116 910 528 on 1300 787 274.
Out of every three men who participated, one said that his current income caused financial difficulty. South Australia had the highest percentage of financial stress, at 49%. Over half of those who took part in the survey said that they felt financial pressure the entire year. Bills, future expenses and insufficient savings were the reasons most cited for feelings of financial stress.
Astoundingly, more than 70% of those surveyed said that financial stress had caused at least one incidence of a health problem or a fractured personal relationship. Some said they had lost their families, some said they developed drinking problems, some said their health had suffered and some even said they had contemplated suicide.
Jeff Kennett is the Chairman of a group called beyondblue, which is part of a national initiative to bring attention to the mounting problem of depression and anxiety in Australia. Mr Kennett is of the opinion that finances, family relationships and health are the areas in which men most commonly feel the effects of financial stress. He also feels that men tend to keep their worries to themselves, compounding the negative effects on their health.
Mr Kennett was quoted as recommending one important positive step when facing financial difficulty: consulting a professional financial planner. According to Mr Kennett: “When your car is broken, you go to a mechanic. When you have financial problems, you should talk to an expert to work out a budget to live within.”
A Financial Planner Weighs In
Daniel Stevens is a financial planner for a firm called Approved Financial Planners. Mr Stevens agrees with Mr Kennett that it is important to consult an expert who can help alleviate financial stress. According to Mr Stevens:
“When a person is under financial stress, it can seem like the world is about to end. They find themselves in the position of being under so much stress that it is difficult to make the correct decisions. In addition, those feeling financial stress often lack the financial resources to extricate themselves from their situations. They find themselves trying to make decisions from a position of weakness or desperation. That is often a recipe for disaster.”
Mr Stevens continued, “I agree with Mr Kennett: the first step is to consult a financial planner who can help you stabilise your current situation. The next step is to begin investing. This can be done in two ways: standard investments and taking control of your superannuation fund. But it starts with a professional financial planner.”
Approved Financial Planners are located in Perth. They offer a wide variety of financial planning and investment products, including the AMP Flexible Super Fund. To learn more, call 1300 787 274 or visit their website: http://www.approvedfp.com.au/.
What you need to know
Any advice contained in this article is of a general nature only and does not take into account the objectives, financial situation or needs of any particular person. Therefore, before making any decision, you should consider the appropriateness of the advice with regard to those matters.
AMP Flexible Super is issued by AMP Life Limited ABN 84 079 300 379. Before making a decision about the product, you should consider the AMP Flexible Super Product Disclosure Statement available from AMP at https://www.amp.com.au/ or by calling 1300 157 173.
If you decide to purchase or vary a financial product, your financial planner, our practice, AMP Financial Planning Pty Ltd and other companies within the AMP Group will receive fees and other benefits, which will be a dollar amount and/or a percentage of either the premium you pay or the value of your investments. You can ask us for more details. Call Approved Financial Planners ABN 52 116 910 528 on 1300 787 274.