Future minded Australia - conscientious legacy gifts

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There is a growing conscientiousness in Australia’s gift-giving psyche. We want to buy gifts in a way that is convenient, but want them to be enjoyed for longer.

We are both motivated to give a gift that a recipient finds useful in the short-term, and mindful about how long a gift will last.

More than four in five Australians who regularly give gifts (81%) think about how long a gift will last when they choose a gift. They would like to give gifts that last longer than the ones they have given in the past.

This is even stronger among the younger generations.

Almost nine in ten Gen Z (88%) and Gen Y (88%) would like to give gifts that last longer than the ones they have given in the past.

81% of Australians think about how long a gift will last when they choose it.

81% woudl like to give gifts that last longer than the ones they have given in the past.

Gift for the future: a financial plan

The propensity for the younger generation to want to give gifts that last is mirrored in their preferences for gifts they like to receive as well: Gen Z and Gen Y are particularly interested in receiving the gift of time with a financial planner.

A financial plan is a gift that leaves a legacy. It’s a gift that keeps on giving well beyond the occasion, allowing recipients to sleep well at night, knowing their finances are in order, debts are being managed, and they have a path forward to achieving their money and life goals.

Three in five Australians (57%) would like to receive the gift of time with a financial planner who could create a plan for achieving their money and life goals, and provide peace of mind that their finances are in order.

The preference jumps notably higher with younger Australians who are increasingly aware of the challenges and complexity of managing their finances well.

Four in five Australians aged 18-39 would like to receive the gift of time with a financial planner:

81% of Gen Z and

76% of Gen Y.

These generations are already modelling positive financial behaviour to others: two thirds of them (64% Gen Z; 67% Gen Y) say they have a budget to manage their finances (compared to 53% of Gen X and 46% of Baby Boomers).

 

More on the FPA 'Gifts that Give' national survey

The FPA “Gifts that Give” national survey of Australians reveals some truly fascinating insights into how we think, buy, plan and spend our money on those we love the most. Did you know Australia is a generous generation and spends nearly $20 billion a year on gifts? This 19-page report is a fascinating read and a great conversation starter with friends and families.

Download the Goodness of Giving eBook.

Download the full report - Gifts that Give.

Take FPA Gift-Giver Personality Quiz and discover detailed personality profiles with fascinating insights about buying behaviours, preferences and habits.

 

Have someone you would like to gift a financial plan to?

You can book a 'gift for the future' with one of our experienced financial planners. Call us to arrange a voucher on 02 4229 8533.

 

 

Aricle by FPA - Gifts that Give Research Report & Money & Life

General Disclaimer: This article contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information. Please seek personal financial advice prior to acting on this information.

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