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Financial protection required during holidays
Australians should be looking at how much financial protection they have in place as spending is set to increasing during the holiday period, TAL Group CEO Jim Minto said.
TAL found the average Australian spent $1,215.30 on Christmas in 2013, while retail sales could increase by 35 per cent.
"TAL research has found that only 37 per cent of people say they have some form of financial protection, even though we expect that figure to be higher because many people may not realise they have some form of life insurance via their superannuation fund," Minto said.
"However many people are willing to go into debt over the festive season."
The Bureau of Health Information said around half a million patients attended NSW emergency departments from October to December 2013.
"And with many health related risks and injuries seen over the festive period it is smart to have financial protection in place to ensure your festive dreams can stay on track," Minto said.
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Superannuation funds will have two options for charging fees for the advice provided by the new class of adviser.
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