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More time at home means many Australians now have the opportunity to re-assess their lifestyle and spending habits and set some serious saving goals. So how can you actually go about it?

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In this episode of The nestegg Podcast, host Grace Ormsby is joined by Melbourne-based Reventon’s Billie Christofi to talk all things finance and the impact of isolation on our hip pockets.

In stage 4 lockdown, Billie shares the importance of going back to basics when it comes to budgeting, methods to re-assess spending habits, and some of the less conventional ways people can boost their wealth at this time.

Thanks Billie, for sharing your insights with the nestegg podcast team!

Have an investment story to share? Get in touch at [email protected] and you might get featured on an upcoming episode!

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Learn the best strategies in investing and options like cryptocurrency, bonds, mutual funds, property and stock market." ["secure"]=> int(0) ["page_description"]=> string(7) "nestegg" ["page_rights"]=> NULL ["robots"]=> NULL ["page_heading"]=> string(71) "Invest Money - Strategies and Tools for your Investment Goals | nestegg" ["access-view"]=> bool(true) } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["displayDate"]=> string(19) "2020-09-02 02:50:12" ["slug"]=> string(43) "15670:capitalising-on-the-covid-19-pandemic" ["catslug"]=> string(11) "302:podcast" ["link"]=> string(56) "/resources/podcast/capitalising-on-the-covid-19-pandemic" ["image"]=> string(43) "images/podcasts/Billie_Christofi_WEB_ne.jpg" ["image_alt"]=> string(0) "" } }

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We need a decent equity release market: COTA

By Lucy Dean

March 21 2018
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Invest

We need a decent equity release market: COTA

By Lucy Dean
March 21 2018

In order to unlock the vast equity held in property by Australia’s pre-retirees, the country’s equity release market needs to improve, a social services organisation has said.

We need a decent equity release market: COTA

By Lucy Dean

March 21 2018
Share

In order to unlock the vast equity held in property by Australia’s pre-retirees, the country’s equity release market needs to improve, a social services organisation has said.

The Council of the Ageing’s (COTA) chief executive, Ian Yates, argued this week that Australia’s equity release market will need to shift up a gear to meet the demands of future Australia.

Speaking at the ASIC 2018 Annual Forum in Sydney, he said, “[The] thing that I think we need going into the future of Australia is a much more agile and creative and efficient equity release market.

“We have so much wealth tied up in the house that as people get older they would actually like to be able to tap into. The Productivity Commission recommended that a few years ago [but] the government didn't do anything about it.”

Continuing, Mr Yates said Australia is without a “decent” equity release market and in fact has a number of disincentives for those considering the move.

Downsizing

Retirement psychology expert Dr Joanne Earl from Macquarie University added that, by and large, most people don’t regret the decision to downsize.

She said most people chose to move to a smaller property to lessen the workload associated with large gardens.

However, Dr Earl warned that those who did regret the decision often felt the pain of leaving behind an established network.

“The main source of regret for people was leaving behind established networks, and not just family and friends like you might think, but the butcher, the baker, the candlestick maker, all the people that provided them with services they already trusted, that knew their car, knew their house, knew their power grid,” she said.

“All of these things were people that they valued that they didn’t realise they had connections with.”

Dr Earl said one of the most upsetting testimonials came from someone who had downsized, hoping to address psychological and emotional issues tied up with their home.

However, this downsizer told the researcher, “I was sad and lonely before, I’m sad and lonely now.”

Bearing this in mind, Dr Earl said it’s important prospective downsizers don’t consider the move a silver bullet for larger emotional issues.

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