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Less wedding bells for young Aussies
Nearly 23 per cent of young Australians have delayed or downsized nuptials in favour of buying a home, according to ME Bank.
The industry super fund-owned bank said a RFi Group's survey found 21 per cent of millennials had delayed or downsized their honeymoon, and 24 per cent had decided to delay or have fewer children to commit to a mortgage.
ME Bank's head of home loans, Patrick Nolan, said with house prices more than doubling in the past 15 years, it was not surprising couples were questioning the value of an extravagant wedding.
"What we've seen, however, is that with a lateral thinking and some sensible saving and budgeting, couples are finding increasingly savvy ways to save for their house deposit and eat their wedding cake too," he said.
In comparison, the survey found the delay or downsize in weddings to buy a home for Gen Xs was at eight per cent, four per cent for baby boomers, and three per cent for greatest generation.
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The future of superannuation policy remains uncertain, with further reforms potentially on the horizon as the Albanese government seeks to curb the use of superannuation as a bequest vehicle.
Superannuation funds will have two options for charging fees for the advice provided by the new class of adviser.
The proposed reforms have been described as a key step towards delivering better products and retirement experiences for members, with many noting financial advice remains the “urgent missing piece” of the puzzle.
APRA’s latest data has revealed that superannuation funds spent $1.3 billion on advice fees, with the vast majority sent to external financial advisers.
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