Why people fail in their financial goals

Failing to budget. That's the number one hindrance stopping AUstralian's from acheiving a solid financial future according to a recent survey of the Yellow Brick Road’s network of wealth managers

The results showed that the company’s advisers across Australia believe there are six main issues to blame for those who haven't yet cemented their financial future.

Apart from failing to budget as the biggest reason(34%), apathy towards financial position and believing nothing can improve it was next (17%), followed by the fear of seeing the reality of their financial situation (17%), laziness (7%), credit card debts (7%) and buying new cars (3%).

Yellow Brick Road spokesperson Lyndsey Douglas said budgeting was an area in which Australians lacked discipline. Changing this could greatly improve the financial position of individual’s across the nation.

“Budgeting doesn’t have to be difficult. It’s about becoming aware of how you’re spending your money each week and setting some goals," says Douglas. 

"Knowledge is power and in this instance, it is a major tool to getting your piggy bank growing. Once you have awareness of your spending habits, you can put an action plan in place to be sure you’re saving appropriately, not over spending and reaching your targets,” she said.

“It’s simple. That which is measured, improves.”

The other key issue that wealth managers raised was their client’s apathy towards their financial situation.

“While finances may not be the topic of choice at dinner parties, setting some time aside and getting serious about your financial situation is important,” Ms Douglas said.

“Some people avoid talking about money or think nothing can be done about their financial situation. In fact 17% of our adviser network said Australians are often afraid of the reality of their financial situation and don’t ask for the help they need.”

“Burying your head in the sand won’t help you achieve your goals. The earlier you ask for help the more that can be done to help you growth wealth. Achieving a financial future that you dream of is a lifelong commitment and getting started early with some expert help can make a big difference,” Ms Douglas said.

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