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Fun, Family & Finance

A recent survey by IFSA asked 1000 people what were the top three things out of a list of 9 which were most important to them in every day life. For 'Young & Singles' top score was Time with friends (56%), Having Fun (54%) and Being part of a family (49%). Managing finance scored fifth at 44%. Finance scored higher for those with kids. The top three for this group was Being part of a family(95%), The home they live in(51%) and Managing finance(45%).

Lack of attention to finance by the footloose and fancy free generation X and Y has seen multiple superannuation accounts grow from when virtually everyone had super linked to their job starting in 1987. A study by Choice shows there are on average 2.64 super accounts per member in the labour force in 2005 and that this will grow to 3.5 in 2010 and 9.3 in 2030. The total amount currently held in "lost" members? accounts is currently around $10 billion. The Choice report comments on the extra cost to members of having excessive numbers of accounts and barriers to efficient aggregation of super money.

Copies of the reports referred to above can be found at http://www.choice.com.au/goArticle.aspx?id=105184 and http://www.ifsa.com.au/public/content/ViewCategory.aspx?id=557

Posted Tuesday, 2 January 2007

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