Search

Financial planning takes a back seat to holidays

THE Journal of Financial Planning in the United States recently published some statistics that made for interesting reading. It would be also a worthwhile exercise to examine these statistics for us here in Australia if they were available.

- Only 24 per cent of high net worth individuals have financial plans.

- 21 per cent of investors check their net worth more than once a day.

- The average person takes 27 days to plan their next holiday but takes only nine days to plan their financial future.

- The average holding period during 1999 for investors in Amazon.com and Yahoo was eight days.

- In 1990, 26 per cent of all millionaires were under 55 years old. By 2000 this figure had increased to over 45 per cent.

- 80 per cent of households expect to have dual careers by early in the 21st century.

Anecdotally, if I were asked to estimate the position in Australia, based upon the clients that I have seen over 14 years of financial planning I would estimate the following:

- Only 5 per cent of Australians have a financial plan of any kind.

- Most investors in Australia check their net worth around once a year.

- Australians spend five times as much time planning their holidays and trips than they do on their financial position.

Add your comment

BNIQ sponsored byECU School of Business and Law

Students

6th-Australian Institute of Management WA20,000
7th-Murdoch University16,584
8th-South Regional TAFE10,549
9th-Central Regional TAFE10,000
10th-The University of Notre Dame Australia6,708
47 tertiary education & training providers ranked by total number of students in WA

Number of Employees

BNiQ Disclaimer