FPA releases consumer guide

FPA Dante De Gori covid-19 coronavirus

21 May 2020
| By Chris Dastoor |
image
image
expand image

The Financial Planning Association of Australia (FPA) has released a free guide to help consumers manage their finances during the crisis.

The Financial planning in uncertain times guide offered tips and advice from the global community of chartered financial planners.

Dante De Gori, FPA chief executive, said the financial impact of COVID-19 was deeper than it currently appeared.

“While Australia might be reopening for business soon, lost income and household debt means consumers are not going to rush into their pre-COVID spending right away,” De Gori said.

“Keeping in mind that the crisis is not over yet, it’s important for all Australians to continue to plan their finances prudently, and tread cautiously before they feel 100% confident of the economic situation, as well as the state of their own personal finances.”

The guide focused on areas of managing cashflow, reviewing additional income opportunities and being aware of scams.

It also suggested to join the gig economy for additional income opportunities, including freelancing, as well as selling unwanted items around the house.

“There isn’t a lot you can control right now, but one area you can control is your cashflow,” De Gori said.

“Can you temporarily scale back your monthly mobile phone plan? Can you save on one or more utilities by switching providers?

“Challenge yourself to see how much monthly cashflow you can free up among your regular expenses.”

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Interesting. Would be good to know the details of the StrategyOne deal....

4 days ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks 2 days ago

increased professionalism within the industry - shouldn't that say, FAR register almost halving in the last 24 months he...

4 weeks 1 day ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

2 weeks 3 days ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

2 days 22 hours ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

2 days 1 hour ago