The Financial Planning Association of Australia has launched a new campaign to get Australians to plan well to mark the start of Financial Planning Week.
The ‘plan well to give well’ campaign comes off the back of new research by the FPA that found Australians spend $19.8 billion on gifts each year.
The research, 'Gifts that give', found that the average Australian adult was spending $100 a month on gifts, with a strong preference towards cash or gift cards.
The research found that on average $437 was spent buying gifts for partners, $201 on each parent and even $115 for pets.
The FPA found that 73 per cent of these gifts were unplanned, which is what has prompted the FPA campaign.
“There’s literally billions of dollars of household spend that is simply not budgeted for by nearly three in four Australians (73 per cent) across genders, generations and geographies,” said FPA chief executive Dante De Gori.
“That’s an obvious opportunity to increase our nation's financial literacy and awareness of the benefits of budgeting, financial planning and giving in a way that brings joy without debt or regret.”
The FPA has released an ebook called Goodness of Giving to give consumers advice on how to budget for gifts, how to buy sustainably and even includes a personality quiz.
Eliot Hastie is a journalist at Momentum Media, writing primarily for its wealth and financial services platforms.
Eliot joined the team in 2018 having previously written on Real Estate Business with Momentum Media as well.
Eliot graduated from the University of Westminster, UK with a Bachelor of Arts (Journalism).
You can email him on: [email protected]
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