Illawarra Mercury
Sunday, 3 December 2023

Financial planning in the face of the rising cost of living Advertising Feature

A financial advisor can help you set and achieve your goals and give you peace of mind. Picture Shutterstock
A financial advisor can help you set and achieve your goals and give you peace of mind. Picture Shutterstock

Money worries can be a burden, and with the rising cost of living, many Australians are now feeling the pinch.

According to the Australian Bureau of Statics, living costs for employee households recorded the largest annual rise of all household types, at 9.6 per cent.

ABS head of prices statistics Michelle Marquardt said the rise in annual living costs for employee households was the largest increase since this series started in 1999. "The last time the CPI recorded an annual increase of 9.6 per cent was in 1986," she said.

Financial education is one way of building confidence; this is where World Financial Planning Day (WFPD) can help.

Now in its seventh year, the Financial Planning Standards Board Ltd. (FPSB) and its global network of organisations will host its annual event on October 4.

WFPD raises awareness of the value of financial planning and working with a financial planner who has committed to rigorous standards of competency, ethics, and practice, like a certified financial planner.

The Financial Advice Association Australia (FAAA) also celebrates World Financial Planning Week from October 2-8.

During the week, research findings will be released, showing the benefits of financial planning and the value of working with a certified financial planner.

FAAA CEO Sarah Abood said the research included what financial planning means to consumers and how it has transformed their lives. "It compares those who have used a financial planner and those who have not, and how it's been more advantageous to have that planning relationship," she said.

There is more to do than setting retirement goals and saving for a rainy day.

"It's not just about investing for the future; financial planners can help find ways to save money and advise couples on how to manage joint finances. It can also help families with intergenerational issues, and this area can be complex," she said.

Having a financial planner on your side who knows all the laws and who you can trust is paramount. "Lots of our members will be getting involved across social media platforms to help educate consumers on what they do and the importance of talking to a person who has the right skills and experience," Ms Abood said.

There are lots of people out there who claim to be qualified, but it's straightforward to check if your financial adviser is licensed.

First, you can visit and type in your advisor's name in their financial advisers register.

You can also check if they are a financial advice professional association member.

If you visit you can find an FAAA member in your area by entering your suburb name or postcode.