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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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Wealth transfer worrying older Australians

By Grace Ormsby

August 05 2019
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Invest

Wealth transfer worrying older Australians

By Grace Ormsby
August 05 2019

More than half of Baby Boomers hold beyond-the-grave concerns that their wealth might be misused or mismanaged on its passage to the next generation, a report has found.

Wealth transfer worrying older Australians

By Grace Ormsby

August 05 2019
Share

More than half of Baby Boomers hold beyond-the-grave concerns that their wealth might be misused or mismanaged on its passage to the next generation, a report has found.

Crestone Wealth Management’s research has found that tax implications, the misuse of assets, and the ways wealth is distributed are all rated highly as concerns for high-net-worth and ultra-high-net-worth individuals considering the intergenerational transfer of wealth, especially for Baby Boomers.

The use of focus groups as a methodology by Crestone revealed that concerns “are typically quite emotional and personal”, with a strong desire among the wealthy to avoid future personal conflicts or dispute around the distribution of wealth.

The report noted recognition “that such conflicts or disputes can get ugly” and iterated a need for individuals to be well prepared.

A link was found between the level of worry associated with wealth transfer and having a plan in place to deal with it, according to the research.

The report indicated that those with a clear plan “tend to have a will in place and have structured their wealth appropriately, with most having sought or intending to seek support from an adviser”.

“Those who are worried about the wealth transfer process are less likely to have a clear plan in place than those who are not worried (26.9 per cent compared with 44.6 per cent),” the report read.

Despite this prevalence of concern, the Baby Boomer category was the generational group most likely to have a clear plan in place, with one in two wealthy individuals in the age bracket indicating they had worked through such details.

nestegg has previously looked at the phenomenon of ultra-high-net-worth and high-net-worth individuals holding their assets across three “risky” asset classes: cash, Australian equities and residential property.

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About the author

Grace Ormsby

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

About the author

Grace Ormsby

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