Divorce the costliest money mistake
Divorce or separation top the list as the biggest money mistake Australians make, costing on average $144,774 per person, and costing the nation $196 billion.
That was the finding of a survey from comparison website, finder.com.au, which found 47 per cent of those surveyed, admitted to making expensive financial mistakes.
Losing money on property investment was the second most common financial mistake, affecting 1.27 million people, costing individuals $106,104 on average, and costing the nation $135 billion.
Consumer advocate, Bessie Hassan, said Australians had paid $753 billion in money mistakes.
"Most of these mistakes are irreversible and those responsible are left with tens if not hundreds of thousands of dollars to mop up," she said.
Australians spent $421 million on court fees in the past decade, with an application for divorce costing $845.
Women cited letting their partner control their finances as their biggest mistake, followed by divorce/separation, lost money on property and spending too much on their wedding, while men cited divorce, property investment, and gambling as their top money mistakes.
Both men and women cited having children as a mistake, with 1.1 million Australians believing this to be true. Expenses averaged around $162,456 per person.
"Sadly, it seems that people are not planning for the costs of raising children adequately," Hassan said.
AUTHOR
Malavika Santhebennur
Recommended for you
The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered.
Rather than taking a controlling approach, the latest generation of overseas private equity deals is helping advice firms to achieve their growth ambitions, three commentators have said.
Private wealth firm Fitzpatricks Group has appointed a newly created head of product, who previously spent 20 years at CFS, to bolster its range of investment options.
The Financial Services and Credit Panel has made a written direction after advice regarding non-concessional contributions meant an individual was forced to withdraw over $330,000 from their super.
