It may be the season to be jolly, but it’s also a time for Australians to review safeguarding their dreams of gifts, holidays and a financially secure New Year.
As the nation starts to spend up in anticipation of 2015 and people make grand New Year’s resolutions and dream of exciting plans for the future, even the best laid plans can come unstuck.
“Many families understandably take on debt over the end-of-year holiday season, making it an appropriate time to check on the adequacy of a family’s financial protection levels,” said TAL Group CEO Jim Minto.
Christmas and New Year can account for an increase of 35% in retail sales with Australians expected to clock up a giant $30 billion on gifts and food during the festive season this year[1]. In 2013 the average Australian spent $1,215.30 on Christmas[2].
“TAL research has found that only 37%[3] 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. However many people are willing to go into debt over the festive season,” Mr Minto said.
“The point is, people should live life to the full but make sure they also have financial protection in place which not only provides peace of mind but can help meet financial obligations if needed.”
A wake-up call:
• According to the Bureau of Health Information, the risk of injury increases over the Christmas period, with more than half a million patients attending NSW emergency departments from October to December 2013[4]
• Over 60% of Australians will be disabled for more than one month during their working life.[5]
• Around 63% of Australians have no life insurance[6].
• For a 35 year old male, life insurance can cost as little as $8.40 per week[7], less than a sandwich in Sydney’s CBD.
“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,” said Mr Minto.
“And remember to travel safely over the holiday period and to think of those who depend on you and their needs for protection.”
