SEARCH
Advised clients reduce discretionary spending
Advised clients reduce discretionary spending
The discretionary spending of advised clients decreases considerably in the first 12 months of tracking, according to new research from Moneysoft.
Moneysoft said in a statement that 101 of its advised clients were able to, on average, reduce their spending on irregular discretionary items from $11,400 to $5,730 after 12 months, representing a reduction of almost 50 per cent.
The most marked reduction in discretionary spending came from clients within the 25 to 35 age bracket, the statement said.
Irregular discretionary spending was defined in the analysis as items such as entertainment, travel, hobbies and existing credit card repayments.
Moneysoft managing director and founder Peter Malekas said the results represent an opportunity for advisers to offer cashflow as a service given the size and transparency of the financial benefits that can be easily demonstrated to clients.
"Reining in bad debt is one of the biggest challenges that many people will face but this new data demonstrates that it can be done," Mr Malekas said.
"However, average expenses were still fairly flat over the first six months, showing how important ongoing tracking software combined with regular advice from a financial planner can be in cementing good financial behaviour."
Subscribe to our Newsletter
We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians
Your email address will be shared with nestegg and subject to our Privacy Policy
latest articles
OUR PLATFORMS AND BRANDS
- Accountants Daily
- Accounting Times
- Adviser Innovation
- Australian Aviation
- Broker Daily
- Cyber Daily
- Defence Connect
- Fintech Business
- HR Leader
- Independent Financial Adviser
- Investment Centre
- Investor Daily
- Lawyers Weekly
- Money Management
- Nestegg
- Property Buzz
- Real Estate Business
- Smart Property Investment
- SMSF Adviser
- Space Connect
- Super Review
- The Adviser
- Wellness Daily
- World of Aviation
EVENTS AND SUMMITS
- Accountants Daily 30 Under 30 Awards
- Adviser Innovation Summit
- Australian Accounting Awards
- Australian Aviation Awards
- Australian Broking Awards
- Australian Defence Industry Awards
- Australian Law Awards
- Australian Space Awards
- Australian Space Summit
- Better Business Summit & Awards
- Broker Daily Business Awards
- Corporate Counsel Summit & Awards
- Cyber Security Summit & Awards
- Defence Connect Budget Lunch
- Defence Connect DSR Summit
- Fund Manager of the Year Awards
- ifa Excellence Awards
- ifa Future Forum
- Investor Daily ESG Summit
- Lawyers Weekly 30 Under 30 Awards
- Lawyers Weekly Women in Law Forum
- New Broker Academy
- Partner of the Year Awards
- REB Awards
- Reinnovate
- SME Broker Bootcamp
- SMSF Adviser Technical Day
- Super Fund of the Year Awards
- Women in Finance Awards
- Women in Law Awards
- Accountants Daily Podcast Network
- Australian Aviation Podcast Network
- Broker Daily Podcast Network
- Defence Connect Podcast Network
- HR Leader Podcast Network
- REB Podcast Network
- Relative Return
- Space Connect Podcast
- The Adviser Podcast Network
- The ifa Show
- The Lawyers Weekly Show
- The Smart Property Investment Show
PODCASTS
LEARNING AND EDUCATION
MOMENTUM MARKETS NETWORK
LINKS
STAY CONNECTED
Subscribe to the Adviser Innovation eNewsletter.
