Retirement: one of the 5 most popular topics for discussion during the Financial Planning Week.

The questions financial planners are most asked, as well as the most debated topics from last year’s Financial Planning Week will form the basis of the key areas for discussion during this year’s Financial Planning Week.

Financial Planning Week, an initiative by the Financial Planning Association (FPA), will run nationally from 26^th August to 1^stSeptember. Mark Rantall, CEO of the Financial Planning Association (FPA), said that part of the aim was to build on the work the FPA community had done to transform financial planning into a trusted and respected profession.

“The FPA has always sought to promote the take-up of financial advice by helping Australians identify professional financial planners, and we hope that Financial Planning Week will encourage even more Australians to seek trusted financial advice.”

The FPA listened to questions asked by the public in last year’s Financial Planning Week and spoke with members about topics most popular with clients to list the top five topics which will form the basis of discussion and interaction during this year’s Financial Planning Week.

1.Retirement (Monday)

Making your money last, aged care, self-funding retirement, income streams and Centrelink entitlements.

2. Saving (Tuesday)

Children’s’ education, holidays, saving for a home, children’s’ weddings and other expected and unexpected events.

3. Super and Investments (Wednesday)

Accumulating and consolidating super, general wealth, shares and managed investments, different types of super funds, including SMSFs

4. Debt (Thursday)

Debt management, debt reduction, debt consolidation, cash flow management, loans, budgeting and deductible vs. non-deductible debt

5. Life Insurance (Friday)

Life insurance, income protection, disablement, trauma, how much you need, what type of cover, protecting your income, assets and family and considerations associated with family planning (e.g. education costs)

The FPA has chosen some of the most qualified financial planners in Australia to lead the discussion around each of these topics that the public is most interested in. Each Certified Financial Planner will blog and answer questions relating to their topic of expertise.

Mr Rantall outlined some of the activities on offer during Financial Planning Week.

“One of our most popular initiatives is the ‘Ask an Expert’ online forum,” he said. “It allows all Australians to pose financial questions, no matter how simple or complex, and have them answered by an expert financial adviser.”

“In addition to the online forum on the FPA’s website (www.fpa.com.au/askanexpert), questions can also be posed via Twitter. Questions should be sent to @AustraliaFPA using #AskanExpert,” he explained.

“There will many other materials including case studies available through our website. www.fpa.com.au and we would encourage everyone to have a look and engage with our financial advisers. And if you are looking to find a reputable adviser, the Find-A-Planner directory, will help you to find one in your area.”

Mr Rantall concluded by saying that he hoped all Australians would find something of assistance in the topics to be discussed during Financial Planning Week.

“We are covering a broad range of financial issues, so we would encourage everyone to engage via our website, blogs and to take advantage of the other information of offer. Trusted financial advice can help achieve better outcomes for all of us, so make sure you educate yourself and take advantage of Financial Planning Week,” concluded Rantall.

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FPA Planning week starts on August 26.

The Financial Planning Association (FPA) is set to hold the 13th annual Financial Planning Week from 26 August – 1 September.

This week-long consumer initiative is designed to encourage, educate and empower Australians to discover the positive difference that certified financial advice can make to their everyday lives.

Financial Planning Week provides all Australians with the opportunity to receive financial advice for free from Certified Financial Planners. Over the course of the week, some of Australia’s most qualified financial planners will volunteer their time to cover various topics, including:
1. Retirement
2. Saving
3. Super and Investment
4. Debt
5. Life Insurance

These financial planners will answer some Frequently Asked Questions and the public will also have the opportunity to participate in Financial Planning Week through a range of channels:

The ‘Ask an Expert’ online forum, where consumers can put their questions to Certified Financial Planners at: http://askanexpert.fpadifference.com.au/

The FPA consumer website will be loaded with useful insights and jargon-free information as well as real life case studies to help bring the benefits of quality financial advice to life: www.fpadifference.com.au

The FPA Twitter handle (@AustraliaFPA) will answer Tweets and post links to a range of financial content at:  http://twitter.com/australiafpa

What: Financial Planning Week 2013
Who: The Financial Planning Association of Australia community
When: 26 August – 1 September
Why: Trusted and professional financial advice improves the lives and financial futures of all Australians

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This information supports the release of ASIC’s new suite of tools to help Australians track where their money goes.

ASIC’s Senior Executive Leader, Financial Literacy Robert Drake says, ‘We suspect many households end up misdirecting thousands of dollars each year because they are not keeping track of where their money goes. As the spending clock  shows, expenses add up quickly.’

‘Our research shows many people fall into the habit of living pay to pay. That’s why we have developed a new suite of tools to help Australians take control of where their money goes week to week, so they can direct it to where it matters most.’

The tools are:

• a free smartphone app called ‘TrackMySpend’  available on iTunes
• a Managing Your Money booklet
• an online Budget Planner on ASIC’s MoneySmart website .

The TrackMySpend app can be used to record expenses on the go. The app helps the user set a realistic spending limit and stick to it. Expenses are entered by category to ensure the user’s money goes towards the things that are important.

One user said, ‘I like the ability to view my expenses as needs or wants. I could see straight away where to look for opportunities to save’ [3].

According to The Telstra Smartphone Index [4] ‘People aged between18-44 are the highest proportion of smartphone users in Australia. More than 70% of 25-29 year olds own a smartphone, followed by 69% of 21-24 year olds and 66% of 30-40 year olds.

Mr Drake says, ‘If 85% of people with smartphones use their phone on the go,[5] then we have a chance to reach these young people while they are on the move, so no expenses can slip through the cracks. The app can also help these younger demographics stick within the budget they have set for themselves, so they can save for a holiday or get rid of debt.’

ASIC’s top tips on how to take control of your money include:

• TRACK your day-to-day spending by recording what you spend over a week or a fortnight using the TrackMySpend app.
• COMPARE money in and money out over the period of a month. Put your income and expenses into MoneySmart’s budget planner and let it do the calculations for you.
• PRIORITISE where you want your money to go. Identify your needs versus wants, make savings (switch bills) and cuts (reduce the things you can live without), set savings goals and refine your budget.
• ACT to make your money work for you. Mark upcoming big bills in your calendar. Put your savings into an account that is not accessible by ATM. Stay on track by checking your budget once a year and adjusting it if your finances change. Reward yourself with occasional treats so living on a budget doesn’t feel like a chore.

The Managing Your Money booklet is a step-by-step guide to budgeting, with a lift out budget template for those who prefer pen and paper. The booklet and other publications can be ordered for free on the MoneySmart website.

The Budget Planner on MoneySmart’s website  is the most popular tool used by 28,000 people each month.

[1] The spending clock is based on ABS Household Expenditure data
[2] Based on data from 1,400 anonymous participants who used the Money Health Check tool. Participants responded to the question, ‘Do you know what your money is spent on?’
[3] Based on ASIC user research 2012
[4] The Telstra Smartphone Index, 2011 by The Nielsen Company
[5] Research by Google and Ipsos MediaCT 2012

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