Market news :: Money, Finance and Commerse

Financial plans gen y beats older generations when it comes to setting money goals

SET goals, make a plan, map out what you want for your future.

These are usually the directions for anyone who wants to make changes in their life but doesnt know where to begin.

But it is easier said than done especially if youre aged between 35 and 49, a study shows.

While a third of Generation Ys said they set financial goals, only 15 per cent of Generation X do the same, a survey of 1000 Australians has found.

This is despite many of them being at a crucial time of their lives juggling the costs of children and mortgages.

The Eqeus Galaxy Personal Finance Study shows the younger generation are much better at setting money goals than the rest of the population (23 per cent). But 80 per cent of us are worried that our finances are already out of control or are concerned about financial security.

Simon and Hannah Lobelson, both 37, were not particularly interested in planning their finances and had managed to live comfortably until they were forced to confront the issue.

With a child on the way they inherited some money from Simons mother and wanted to make sure they invested it wisely and did something to respect her memory.

Despite coming from a family of accountants, Simon had never given his finances much thought and realised they needed help.

Hannahs father recommended a financial planner and, despite some reservations, they found the experience positive and useful.

His approach was very gentle and understanding, says Hannah. There was no judgment, he wasnt a stuffy old man judging us which is partly what wed expected!

They bought a house and set up investments to help them in the future and provide security for their family.

Day to day (they way we manage our money) is probably not that different but its good to know theres some back up if we need it, which is very reassuring, says Hannah.

ASICs moneysmart website has a financial advisers register which you can access to make sure you choose someone with all the right qualifications and experience.

You can also check the register to make sure that the adviser is licensed and hasnt been banned or disqualified from giving advice, this site says.

You can also go to one of the industry association such as The Financial Planning Association or the Association of Financial Advisers.

Trump will dump tpp on day one in job

DONALD Trump says he will begin to withdraw the United States from the Trans Pacific Partnership trade deal on his first day in office.

Calling the 12-nation agreement a potential disaster for our country, the president-elect said he would file a notification of intent to withdraw from the deal pushed by President Barack Obama as soon as he takes office on January 20.

Instead, Trump, who had long flagged he would dump the TPP, said he would pursue fair bilateral trade agreements.

Australia is one of the key signatories to the TPP and the issue had been discussed at the APEC leaders forum in Peru last weekend.

Prime Minister Malcolm Turnbull had been optimistic Trump might have a change of heart.

It may well be over time that the TPP is embraced by the United States perhaps in the same form it is today, perhaps in a different form, he said in Lima on Sunday.

Trump on Monday released a video updating the American people on his transition planning for the White House.

He said his team was working very smoothly, efficiently and effectively.

Truly great and talented men and women, patriots indeed, are being brought in and many will soon be a part of our government helping us to make America great again, he said.

In the video, he told the American people that he was assembling a Cabinet made up of patriots and his agenda will be based on a simple core principle: putting America first.

He reiterates a number of his promises for the first 100 days of his administration, including vows to negotiate new trade deals, remove regulations on businesses and establish a five-year ban on executive officials becoming lobbyists.

Notably missing from his promises is his pledge to repeal the Affordable Care Act and his vow to build a southern border wall with Mexico. Trump has yet to hold the traditional news conference that previous presidents-elect have done within days of winning on Election Day.

The TPP would be meaningless without US participation, Japans Prime Minister Shinzo Abe said.

Abe, who attended a gathering of TPP leaders at the APEC summit in Lima on Saturday, said there was no discussion at the meeting that other members should try to put the TPP into effect without the United States.

The TPP would be meaningless without the United States, Abe said.