Commonwealth Financial Planning backs key carers report
|
|
Commonwealth Financial Planning (CFP) has funded a study into the health, economic and social well-being of the 363,000 people providing unpaid care in Australia’s regional and remote communities.
The study was conducted by the Australian Institute of Family Studies, and launched as part of CFP’s sponsorship of Carers Australia at Carers Week, being held in Canberra.
The Institute found that of the 2.4 million people living outside major cities and inner regional areas, 363,000 provide unpaid care for family or friends. Those being cared for may have a disability, mental illness, chronic or terminal illness, or may be frail.
The study confirmed that carers in remote and regional communities are more likely to experience financial hardship than those in major cities, and also have difficulty accessing basic services, such as medial assistance and transport.
But when it comes to times of crisis, the study found carers living in remote areas are more likely to rely on financial professionals (as well as health and legal professionals) than those living in major cities, or without caring responsibilities.
Colonial First State Advice general manager, Paul Barrett, said there is a “clear social and economic benefit to improving the financial position of carers.
“We can draw on the strength of our planning network to assist carers in all areas of Australia by providing access to advice, from basics like budgeting and goal setting, to developing plans for achieving ongoing financial independence,” Barrett said.
Read the full report here: The Tyranny of Distance? Carers in regional and remote areas of Australia
Recommended for you
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.
