Sportiness a sign of financial wellness: AMP
There is a strong correlation between how Australians engage with sports and how successfully they manage their finances, including reaching goals, investing in the property market, and contributing extra to superannuation, according to AMP.
The AMP study found Australians who engage in a regular sport were 64 per cent more likely than others to achieve the majority of their financial goals, and were also 43 per cent more likely to think about future finances.
AMP surveyed 13 popular Australian sports and found golfers were the best savers, with more than a quarter (29 per cent) holding more than $50,000 in savings, whilst cricketers (51 per cent) were the most likely to seek financial advice and cyclists and netballers were the most financial savvy thinkers.
“It makes sense to me that active, sports-minded people would also be good at setting and striving for financial goals. Goals are a mental strategy or tool that people use to support all different types of performance. Like using any tool, practice builds skill,” said coaching psychologist, Dr Gordon Spence.
“Given that sport lends itself so naturally to goal setting, I wouldn’t be surprised at all if these sporty folk were simply transferring their skill with goals from one part of their life (sport) to another (their finances).”
Statistics collected as part of the study showed New South Wales residents were the most likely (25 per cent) to regularly participate in sport ahead of Western Australians (21 per cent) and Victorians (20 per cent), whilst three quarters (74 per cent) of South Australians did not play any sport.
Recommended for you
Following an extraordinary general meeting today, Dixon Advisory parent company E&P Financial Group’s shareholders have voted on its proposed delisting from the ASX.
While overall financial adviser numbers have dipped below 15,500 this week, Rhombus Advisory is experiencing growth and approaching 500 advisers in its ranks.
Iress’ Xplan continues to dominate the financial planning software market with a multitude of uses, according to Netwealth research, despite newer players battling for a piece of the pie.
ASIC has shared the percentage of breach reports related to financial advice in FY24, noting increased reporting by smaller AFSLs.