When it comes to life stages, we’re all different.
Some of us are all set up with a mortgage, a steady career and possibly even kids in our mid-20s, while others are footloose and fancy-free well into our 30s.
Some of us are fortunate enough to have a bit of spare cash to put into super or other investments in our 40s, while others are focusing more on paying the bills and putting food on the table.
And some of us enter our 60s with the kids long gone and the home loan paid off, while others still have a bit of a way to go before we can really put our feet up in retirement.
So it can be difficult to generalise. But AMP’s 2022 Financial Wellness report says that most working Australians fit one of seven profiles when it comes to their personal finances.
Younger Australians just starting out in their careers are more likely to be in a state of disinterested bliss, as finances take a back seat to other priorities – after all, life’s for living!
A bit later on in life, with a mortgage and potentially kids, more of us are security strivers or guilty risk-takers.
Then nearer retirement we tend to be more cautious spenders or – if we’re lucky – confidently affluent.
Getting to grips with your finances
Whatever stage you’re at in life, there are things you can be doing to get on top of your finances and put yourself on track to create your tomorrow.
In your 20s you should probably…
In your 30s you should probably…
In your 40s you should probably…
In your 50s you should probably…
When you reach 57 you should probably…
And in your 60s you should probably…
Ask the experts
Deciding what changes to make to your finances isn’t always straightforward, so, if possible, speak to your financial adviser about the best options for you.
It starts with super…
When times are tough it’s understandable to focus on your day-to-day needs. After all, you need to put food on the table and keep paying the bills.
But as probably your biggest asset after the family home, super is the cornerstone of your long-term finances. So it could pay to get on top of your retirement savings…and taking control in one area of your finances could make it easier to start getting to grips with more pressing challenges like budgeting and saving.
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