Financial Literacy for children and young adults

At Blenkhorn Financial Planning we are passionate about teaching children and young adults about financial literacy and run small classes or one to one sessions. We believe that we all need to understand how money works and how to manage money. In our classes we explore topics such as these: Saving Planning Spending Investing Donating We believe that being smart about money builds confidence and that this skill needs to be taught from an early age by involving your children with money transactions earlier rather than later so they can help themselves and others. Contact us on 99977007 or email us at info@blenkhorn.com.au for more information. Share...

Live Long and Prosper

Some interesting data about retirement planning was released recently. And it was a little confronting. This is what we like to call a bad news sandwich. Some bad news surrounded by a whole lot of good news. So let’s start with the first slice of good news. Australians are living longer. Hooray! As a society, our life expectancy is gradually increasing. In fact Australia was announced recently as one of the four countries in the world where average life expectancy is now over 80 years. We’re right up there with Japan, Switzerland and Iceland. Great company to keep. But here’s the bad news. We’re not planning for it. Here are some eyebrow raising statistics from The 2014 Retirement Income Report about our attitude toward retirement and money. • 44% of retirees expect to outlive their retirement savings • Only 10% have a plan of attack to combat this • 51% of accumulators (those that are still working and building wealth) expect to outlive their retirement savings • $150,000 is the average retirement savings gap • People underestimate the length of retirement by up to 7 years And if you’re a woman the bad news bit continues. Latest data from the Australian Bureau of Statistics shows that on average, women are expected to live four years longer than men. AND the Australian Institute of Superannuation Trustees and Women in Super forum published analysis that states the average Australian woman currently retires with just over half of superannuation savings compared to men. Ouch! Fairly sobering statistics. But that’s okay because here comes the other good part of the sandwich. You can...