TIP Group (ASX:TIP) and Clime Investment Management Limited (ASX: CIW) have signed a memorandum of understanding to launch a joint venture to help Australians maintain and improve their financial wellbeing.
The new joint venture – My Financial Fitness – will provide accessible financial education through a program designed to empower individuals. By equipping them with the knowledge to handle their own financial matters, people can more confidently plan their future amidst any economic challenge.
Escalating inflation and interest rates have made financial stability more crucial than ever, and industry needs to change to meet the needs of consumers. According to an ASIC estimate, approximately 33% of young Australians listen to ‘finfluencers’, who have recently been the focus of regulatory reviews.
“The aim of My Financial Fitness will be to bring qualified, professional advisers into a forum that is more accessible for everyday Australians,” said Andrew Coleman, CEO of TIP Group.
“Many people make financial mistakes despite the available information because it is difficult to apply to your own specific circumstances. Financial advisers fill that gap but rising costs and compliance have taken this option away from many people.
"We need new ways of educating Australians to improve their financial literacy and confidence. Helping plan for their future is too important a goal to just ignore.”
The joint venture will leverage TIP Group's history in investor education and Clime’s long commitment to helping clients understand and manage their wealth. My Financial Fitness will commence with webinars and progress to a comprehensive program, enhanced by dedicated tools and a financial health check.
Annick Donat, CEO of Clime, said: “This program will be a way of helping Australians gain access to high-quality information and hear from professional financial advisers, along with other industry experts, enabling them to make informed decisions about their future.”
“When we first discussed this initiative with TIP Group, we saw an alignment in how we want to support Australians with financial knowledge; it made sense to pool our expertise and technology solutions to collaborate on My Financial Fitness,” Ms Donat said.
“It’s easy to access information about financial markets and investments, and yet many Australians are still uncertain about their financial future.”
Subscribers will have access to an online portal of self-study content and monthly webinars led by experienced professionals.
The service will include modules and reference materials to enhance financial knowledge and improve individual financial health. Subscribers will have the ability to access high-quality online content and real-time access to advice professionals, leveraging the benefits of blended learning.
The program's content will range from understanding investor behaviour, diving deep into investing fundamentals, and exploring various asset classes, to learning about financial protection options. The modules will demystify concepts such as the “fear of saving vs fear of spending” axis, risks vs rewards, accumulation over time, and investor biases. There will also be a module outlining accumulation strategies across different life stages, cashflow management, retirement strategies, and aspects of borrowing to invest.
“Our collaboration with Clime aligns with our noble purpose of transferring knowledge and wealth between generations,” Mr Coleman said. “My Financial Fitness will continue this commitment, addressing a crucial need for financial literacy in Australia.”
Founder and Chairman of Clime Investment Management Limited, John Abernethy, emphasised the broader societal impact of the program: “This isn't just about improving individual wealth management; it's about investing in Australia's future. By working with TIP Group, we are reinforcing our shared mission to build a better Australia.”
For more information about My Financial Fitness or to subscribe to the program, visit: www.myfinancialfitness.com.au