Take charge and prosper
22 February 2017
How much money do you spend? This may seem like an obvious question, but as we shift towards a cashless society, and tap and go is freely available, it can be hard to account for the dollars we are spending.
I have been thinking about this question following the surge of commentary this month relating to the pessimistic outlook of our younger generation. According to a recent Deloitte survey, less than one in 10 young Australians believe they will be more financially secure than their parents, and sentiment surrounding housing affording is increasingly putting the great Australian dream of home ownership out of reach.
Thinking about the future can be daunting; especially for a generation consistently exposed to negativity and cloudy predictions for their financial future.
And while there are a number of things our nation's ambitious millennials can’t control - property prices, interest rates, an evolving workforce – there are a number of things that are within everyone’s control; personal financial profiles.
It's all about controlling the controllable and avoiding a 'head in sand' passive approach to money management.
For starters, understanding your individual financial situation makes it possible to make accurate plans for the future. If you know how much you are spending, you can accurately determine how much you can save.
A better grip on spending behaviour will ultimately mean that you are more financially stable through every stage of your life and alleviate the fear factor in planning for the future. You will develop confidence in managing your money and enjoy the sense of achievement that brings.
Secondly, while much can be learned from older generations, millennials should have the confidence to embrace the new opportunities that surround them. Technology is changing rapidly, education remains a top priority on the national agenda and the digital marketplace is flooded with free tools and resources to help with setting achievable goals, and getting better control and clarity around managing your money.
"The secret to getting ahead is getting started" – Mark Twain.
About Suncorp: Suncorp Group includes leading general insurance, banking, life insurance and superannuation brands in Australia and New Zealand. The Group has 14,500 employees and relationships with nine million customers. Suncorp Group Limited is a Top 20 ASX-listed company with $94 billion in assets. Suncorp Bank is Australia’s leading regional bank servicing more than one million personal, SME and agribusiness customers