Having experienced a near miss with recession back in 2008 and almost every year since, its echoes and continues to ring in the ears of all Australians.
We watch nervously as the United States is frantically bailing to save itself from foundering on economic oceans. Markets rising as they stimulate, then diving as more bad news rears its ugly head from around the globe.
How this ultimately affects the Australian economy remains to be seen, however the Reserve Bank of Australia’s (RBA) governor Glenn Stevens, has indicated that inflation is currently under control, though it will need to be closely monitored, and that our economy continues to be strong off the back of high terms of trade and low unemployment.
Nevertheless, there are no guarantees and for most Australians, all the economic talk amounts to little as more fundamental concerns hit closer to home. In recent times, some of our most iconic companies have announced job cuts, and the inevitable question which comes to our minds is: What if I lose my job?
Some things are naturally out of our control, such as the rising cost of living and job security. However, in this nervous climate, there are steps you can take to shield your family, and they are available to you now.
- Save for a rainy day. The retail sector will attest that we’re cautiously squirreling our money away rather than spending it. By setting up a regular savings plan with an investment suited to you, even the smallest amounts really add up over time and can have a levelling effect against market fluctuations.
- Mortgage protection insurance. If you were made involuntarily redundant, Mortgage Protection can assist you to continue meeting your loan obligations.
- Income protection insurance. Could you cope if you or your spouse were ill or injured and unable to work? A combination of medical expenses with a reduction in household earnings can have a devastating result. Income protection can provide a regular income to enable you to meet your commitments.
It is possible to take some of the sting out of events that remain uncertain in a time when security and peace of mind mean so much.
The team at Mornington Financial Services spend allot of time with our clients and their referrals identifying areas of risk, identifying areas that cause you the most concern, then we spend time tailoring a strategies to safeguard your friends and family. Start with looking at the above and you will be ahead of the game. Then if you need some help, then we are here to help you every step of the way.
There are only two certainties in life, and financial anxiety isn’t one of them.
All the best,
Andy Fenton
Mornington Financial Services – Financial Advisers
