Skip to content
Finance Investment, General News

Don’t set and forget: do these four things now for a brighter financial future

RMIT University 2 mins read

Dr Angel Zhong, Associate Professor, Finance 

Topics: superannuation, ATO, tax, finances, nest egg, EOFY 

“As tax time approaches, it presents an ideal occasion to reflect on your financial situation and the changes that have occurred over the past year.  

“Additionally, it serves as a timely reminder to prioritise your superannuation health.  

“Your superannuation is your money. Conducting regular health checks on your super is an essential step toward greater financial well-being and freedom, enabling you to prepare for a comfortable retirement lifestyle.  

“More Australians need to avoid the "set and forget" approach driven by inherent behavioural and cognitive biases in decision-making and actively engage with their superannuation to secure a brighter financial future. 

“The Australian Taxation Office (ATO) is calling for the public to conduct five basic health checks, including looking at your contact details, super balance and employer contributions, lost and unclaimed super, whether you have several super accounts and need to look at consoliding them, and your nominated beneficiary. 

“To safeguard your financial well-being, consider going a step further by conducting a thorough superannuation health check.  

  • Assess the performance of your super - Utilise the ATO's YourSuper comparison tool to evaluate the performance of your chosen superannuation fund and investment strategy and compare your fund's performance against relevant benchmarks and explore alternative funds that may better align with your needs. 
  • Evaluate investment strategies and asset allocation - Consider changes in your personal circumstances that might warrant adjustments to your super strategies. As factors like risk tolerance, liquidity needs, and investment horizon evolve with age, it's important to align your super investments accordingly. 
  • Understand your investment portfolio - Gain insight into how your super funds are invested. If you have a strong belief in sustainable investing, explore super strategies that align with your environmental and social values, while avoiding those that don't. 
  • Review fees and insurance charges - Assess the fees associated with your super fund and compare them with those of other funds. Additionally, evaluate the insurance products included with your super to ensure they still meet your requirements.” 

Dr Angel Zhong is a finance academic who specialises in empirical asset pricing, digital finance, global financial markets, investor behaviour and the recent trends in retail investing. 


Contact details:

Interviews: Angel Zhong, 0433 810 413 or angel.zhong@rmit.edu.au  

 

General media enquiries: RMIT Communications, 0439 704 077 or news@rmit.edu.au

More from this category

  • Environment, General News
  • 01/12/2023
  • 17:20
NSW Environment Protection Authority

Extra Air Quality Monitoring for Lake Macquarie provides near Real Time Data

The NSW Environment Protection Authority (EPA) is installing up to 20 new air quality monitors in west Lake Macquarie to assist the community to respond to local air quality issues including dust, as a warm dry summer approaches. EPA Director Operations David Gathercole said the monitors will complement the existing air quality monitoring network operated by the government and licensees to provide a better picture of outdoor air quality. This information can help both the EPA and the community identify areas of concern and may help inform future initiatives in the area. “We know the communities in west Lake Macquarie…

  • Environment, General News
  • 01/12/2023
  • 15:33
Return and Earn

Return and Earn celebrates six years of success

NSW’s wildly popular recycling scheme, Return and Earn, is today celebrating six years of success in which it has seen 8 out of 10…

  • Contains:
  • Disability, General News
  • 01/12/2023
  • 15:20
La Trobe University

International Day of Persons with a Disability – Sunday, December 3

On Sunday December 3, the WHO marks International Day of Persons with a Disability. This year’s theme is achieving sustainable development goals for health and well-being for, with, and by persons with disabilities. In Australia, 4.4 million people identify as having a disability. A La Trobe University expert is available to discuss the health inequities that impact persons with a disability in Australia. Dr Teresa Iacono Professor of Rural & Regional Allied Health Contact: T.Iacono@latrobe.edu.au About Professor Teresa Iacono Teresa's clinical and academic interests are in severe communication impairment in people with developmental disabilities, as well as health and mental…

Media Outreach made fast, easy, simple.

Feature your press release on Medianet's News Hub every time your distribute with Medianet. Pay per release or save with a subscription.