Generous supporter of Mercy Health Foundation, Bank First, is owned entirely by its members and, like Mercy Health, is driven by care and compassion. While many Australians are financially stressed, Bank First Chief Executive Officer Michelle Bagnall says seeking sound advice is key to achieving financial security.
It is well documented that up to 50 per cent of Australians are feeling financial stress and that number increases for women.
Bank First Chief Executive Officer Michelle Bagnall.
“The latest research is showing that women retire with up to 40 per cent less superannuation than men. There are a range of reasons why this is happening. Firstly, they are more likely to have been the primary carer for their children and spent an extended amount of time out of the workforce when their earning power would have been at its highest,” says Michelle.
“Statistically, women are also more likely to work part time and hold positions in lower paid industries where they are caring for and serving others, such as healthcare or teaching. They are also more likely to be a key carer for an elderly parent or a loved one.
“So, all of those things combined lead to a situation where women are more likely to need financial advice.”
Then there are older Australians who have worked all their life to build their superannuation but now they have access to it, they are unsure how it is best managed. Some in this situation are falling victim to cybercrime.
“We are seeing an increase in targeted attacks based on investment, particularly cryptocurrency (a new form of digital money) and the attraction of getting higher returns on your investments. With more money in their super funds in later years, we are finding that people are quite often taking action without seeking advice,” says Michelle.
Whatever your stage of life, and no matter the size of your personal wealth, seeking sound advice is an important first step. Bank First has a Financial Planning service made up of senior financial planners who pride themselves on understanding members’ needs and prioritising trust and transparency. They provide guidance on planning for retirement, how best to invest superannuation, risk or life insurance, and even estate planning.
“We are a customer-owned organisation and we operate for the benefit of our members. We don’t exist just to make money,” says Michelle.
Mercy Health Group Chief Executive Officer Associate Professor Stephen Cornelissen says, “Because we care for the whole person at Mercy Health, we understand the mental and physical strain that financial stress has on the people we care for, particularly our older citizens. That is why we are grateful to be supported by and partner with Bank First, an organisation that is driven by the same core values as Mercy Health — care and compassion for the people we serve”.
If you would like to find out more about financial planning at Bank First, visit: bankfirst.com.au
Last reviewed December 19, 2021.