inheritance financial planning Australia : Millions of Australians are banking on an inheritance to reach key financial milestones like buying a home or funding their retirement. However, experts caution that this reliance on a future windfall may be giving people a “false sense of security.
A survey conducted by comparison site Finder revealed that 8.8 million Australians expect to receive family money in the coming years. Among them, 43% of men and 41% of women anticipate an inheritance.
These findings emerge as Australians face mounting financial pressures, with property prices rising for the fifth month in a row and new data highlighting inadequate superannuation savings among the nation’s smallest business owners.
Australians Banking on Inheritance Amid Rising Costs – Experts Warn of Financial Risks
Amid the rising cost of living, one in ten participants in the Finder survey admitted they are relying on an inheritance to reach their financial goals.
Nearly 20% of Australians said that while an inheritance would greatly enhance their financial situation, they are not counting on it.
The survey also revealed that 12% of respondents expect to receive an inheritance, but believe it won’t significantly influence their overall financial plans.
Reliance on Future Inheritance Could Lead to False Financial Security, Finder Survey Reveals
Nearly one in ten respondents said they didn’t expect to receive an inheritance, citing reasons like limited family ties or strained relationships.
At the same time, half of Australians reported that their families were simply not in a financial position to leave behind an inheritance.
According to Finder personal finance expert Sarah Megginson, more and more Australians are viewing potential family money as a financial lifeline amid the growing cost-of-living pressures.
With the cost of living soaring, it’s no surprise that some Australians are pinning their financial future on an inheritance — but that’s a risky move,” said Sarah Megginson.
She warned that banking on money that hasn’t yet materialized can lead to delays in key financial decisions and foster a false sense of security.
Not everyone can rely on a family windfall — nearly half of Australians believe their family won’t be in a position to leave anything behind,” Megginson added.
She encouraged those expecting an inheritance to use this time wisely by educating themselves on important financial topics such as investing, budgeting, and understanding tax implications.
A sudden influx of money can vanish quickly without a proper financial plan,” she said.
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