In an article published on its website, platform provider Netwealth says financial advisers should be ensuring their marketing and client focus adapt with general trends in demography and the Australian community.
“The 2016 Census findings show that the number of same sex couples has increased by 39% to 46,800 couples since the 2011 Census. And while the number of male and female same-sex couples is roughly equal, female couples were five times more likely to have children,” the article explains.
“Reflecting on the 2011 Census results that indicated same-sex couples tend to be younger, more educated, employed in higher-status occupations and have higher incomes, it can by hypothesized that the upcoming 2016 Census data releases will show similar findings.”
Commenting on the finding, financial adviser John Forwood of Forwood Planning said this is a strong potential growth area for financial advisers as well as the trend towards a higher number of couples without children.
“Childless couples have greater disposable income, and do focus on shorter term goals including holidays and other leisure based purchases,” he said.
However, the article also makes clear that “the traditional family unit remains the norm”.
“The 2016 census indicates that the traditional family unit remains relatively unchanged from 2011 and continues to be dominated by couples,” it said.
“Forty-eight percent of the population is married and 37.8 per cent couples are childless.”
The original article written by Netwealth (which can viewed in full at https://www.netwealth.com.au/web/resources/insights/making-sense-of-the-average-aussie/) was designed to summarise relevant findings of the recent Census which we felt were of interest to financial planners as a whole. The above article only highlights one of the many points discussed.
In our original article the discussion of the Austrailan demography was intended to help inform and assist businesses when thinking about their customers and their value proposition.
Oh dear. You are really discrediting financial planning and making a complete joke of this industry with pathetic suggestions like this. In my experience of over 30 years of advice, investment strategy/markets and people’s financial security or planning have literally nothing to do with their sex or sex preference. As for childless couples…..well Duuggghhh, no shock there Einstein, they have more disposable income! We all know where these practices end up who “specialise” in gender or some ridiculous thing to try and give them an edge or gain new clients. If I was a woman and met a “women’s investor specialist” I would run as fast as I could. Ridiculous marketing fad at best. Now, lets see what tool will open the first lgbtqi financial specialist.
https://www.ifa.com.au/news/18608-ssm-vote-highlights-lgbt-advice-issues
Theyve jumped the shark. Its an insult to intelligence.
Agreed. This is not “research”, nor is it journalism, nor news. In fact the article treats people as if they are “different” from “the norm” – a bit like someone’s discovered an alien landing in our midst. It has a stink of feigned “non-discrimination”…
You’ve got to be kidding me, which propeller-head suddenly had this revolutionary idea? These demographics have made fantastic clients for the past twenty years that I’ve been in business!