A survey of wealth managers has found that their clients' failure to budget is the number one hindrance to achieving a solid financial future.
Franchise financial services business Yellow Brick Road has conducted a survey of its wealth managers, which has revealed 34% put failure to budget as the top reason their clients don't achieve their financial goals. This was followed by apathy towards financial position and believing nothing can improve it (17%), the fear of seeing the reality of their financial situation (17%), laziness (7%), credit card debts (7%) and buying new cars (3%).
YBR spokesperson Lyndsey Douglas said budgeting was an area where Australians often lack discipline.
“Budgeting doesn’t have to be difficult. It’s about becoming aware of how you’re spending your money each week and setting some goals. Knowledge is power and in this instance, it is a major tool to getting your piggy bank growing. Once you have awareness of your spending habits, you can put an action plan in place to be sure you’re saving appropriately, not over spending and reaching your targets,” Douglas said.
She said consumers also had to overcome their apathy toward their financial position.
“Burying your head in the sand won’t help you achieve your goals. The earlier you ask for help the more that can be done to help you growth wealth. Achieving a financial future that you dream of is a lifelong commitment and getting started early with some expert help can make a big difference,” Douglas said.