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Men, Money, Worries

Can astute financial planning, such as an AMP Super Fund, help quell fears of Australian men worried about their retirement?

Financial Stress in Men

The Survey

Recently, The Digital Edge conducted an exclusive survey for News Corp Australia, entitled, “Men and Money.” 1,000 men from various parts of Australia were surveyed on the impact of financial difficulty on their lives. The survey participants were from diverse backgrounds, but there were many commonalities in their answers, much to the surprise of those conducting the survey.

The biggest takeaway: one out of three men said they had difficulty living on their current incomes. In South Australia, that number jumped to 49%. More than 50% of those who responded feel that they are under “financial stress” 365 days a year. Lack of savings, current expenses and the spectre of future expenses were most often cited as the sources for stress.

Close to 70% of the men surveyed said that financial stress had led to problems with their health or relationships at least once in their lives. Loss of family, depression, drinking, heart problems and even thoughts of suicide were among the most common complaints.

One common theme was that those men who allowed themselves to be interviewed on the record said that they were more likely to keep their worries to themselves as opposed to burdening their spouses.

The Chairman of beyondblue, Jeff Kennett, said that the mental health of men is most affected by finances, health and relationships. He opined that men turn to drugs, alcohol or suicide because they keep their thoughts to themselves. It should be noted here that beyondblue is a national initiative to raise awareness of depression and anxiety.

Mr Kennett provided one quote that should be mandatory for all with financial problems to read:

“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. Seek help: it’s not a crime.”

We agree with Mr Kennett.

Approved Financial Planners

At Approved Financial Planners, we can help do exactly what the Chairman of beyondblue recommends: sit down with you and work out a budget that you can live within. We are experts in such solutions as debt management, wealth creation and cash management to help you live a lifestyle that has less financial stress.

Once we get you stabilised for the present, we can start working on your future. We have found that many people, once they get organised, have more assets than they thought they do and can usually find a bit of money to invest in their futures. We have a wealth of experience in retirement planning and have helped a lot of Australians retire earlier than they thought they could.

AMP Super Funds

We specialise in superannuation and are proud to offer a full range of AMP Super Funds. Current superannuation laws allow you to choose how your super is invested, and we can find an AMP super fund that is perfect for you. For the individual, the most popular option is the AMP Flexible Super.

AMP Flexible Super

The AMP Flexible Super is designed for the sole investor who may or may not be self-employed and wants one super product to work with from now through retirement. It is a flexible product that provides an “all in one” solution. It is comprehensive but simple, and can grow and evolve as you grow and evolve.

It offers a plethora of features but you are allowed to select only the ones you need for your personal situation. You can change or upgrade features at any time. There are no fees for establishing the fund, no contribution fees and there is never a fee for changing features or options.

One of the more convenient features of the AMP Flexible Super is that you can manage your retirement and your super within the same product. This product also offers a wide range of insurance features to go along with the investment options.

Call Approved Financial Planners in Perth today: 08 6462 0888.