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Gen Y & Z – Why Financial Planning is Valuable To Me

Gen Y & Z – Why Financial Planning is Valuable To Me Author: Mitchell Petzke As a younger generation, the idea of planning and managing our finances is usually pretty low on the priorities list. It takes a back-seat to uni-night drink specials, seeing our favourite bands live, and binge-watching Netflix. However, real life responsibilities and full-time work are on the horizon for many of us. Suddenly, we are smacked in the face with financial burdens and it becomes increasingly evident that our long-term goals need to be acted on now. This is where financial planning can be a real benefit to our generation. To give you some context, I am a 22 year-old commerce student who lives in a share house and is about to graduate university at the end of the year (hopefully with a job).  Up until now my financial strategy has involved getting by whilst paying rent, setting short-term savings goals for travel, and treating myself perhaps a bit too often (#ilovebrunch). Now that I am faced with the prospect of grad jobs and having a proper salary, it has become apparent that my financial position is likely to undergo a drastic change over the next couple of years. We all want to feel like we can manage our own finances (#MrThreeBankAccounts), but the fact is unless you are a finance student, or your parents sat you down to properly go through “Finance101 – You’re an Adult Now”1, you’re probably not going to get the most out of your earnings. This is the reality I am met with and why I think financial planning is so important for Generations Y & Z. I want to live a long and happy life with peace of mind that I am financially secure and can have the lifestyle that I want. It has dawned on me that to meet this goal, I need to put some smaller ones in place. These include managing my super, building my credit rating, investing some of my income, having long-term savings goals, and thinking about insurance. But the finance world is complicated and without a qualified teammate it is a tricky world to navigate successfully.   Let me put it to you this way... In order to maintain your physical health, you see a doctor who is an expert in the medical field. In order to maintain your mental health, you see a psychologist who is an expert in the field of mind and behaviour. So, doesn’t it make sense that in order to maintain your financial health you would seek out someone who is an expert in the field of finance? Seeking help from an accredited financial planner is something that our generation should strongly consider. It is a life-long relationship with mutual benefits.   So why not start the journey now?   Contact AMEGA FS to start your successful financial journey today.       1Not an endorsement of any product real or otherwise General Advice Disclosure: This document contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information. If you decide to purchase or vary a financial product, your financial adviser, AMP Financial Planning and other companies within the AMP Group may receive fees and other benefits. The fees will be a dollar amount and/or a percentage of either the premium you pay or the value of your investment. Please contact us if you want more information.

ASCK Pty Ltd (ACN 105 450 566), trading as AMEGA Financial Solutions is an Authorised Representative and Credit Representative of AMP Financial Planning Pty Limited Australian Financial Services Licensee and Australian Credit Licensee 232 706. General advice warning: This website contains general information only. It does not take into account your objectives, financial situation or needs. Please consider the appropriateness of the information in light of your personal circumstances.

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