POWERED BY MOMENTUM MEDIA
Less wedding bells for young Aussies
Nearly 23 per cent of young Australians have delayed or downsized nuptials in favour of buying a home, according to ME Bank.
The industry super fund-owned bank said a RFi Group's survey found 21 per cent of millennials had delayed or downsized their honeymoon, and 24 per cent had decided to delay or have fewer children to commit to a mortgage.
ME Bank's head of home loans, Patrick Nolan, said with house prices more than doubling in the past 15 years, it was not surprising couples were questioning the value of an extravagant wedding.
"What we've seen, however, is that with a lateral thinking and some sensible saving and budgeting, couples are finding increasingly savvy ways to save for their house deposit and eat their wedding cake too," he said.
In comparison, the survey found the delay or downsize in weddings to buy a home for Gen Xs was at eight per cent, four per cent for baby boomers, and three per cent for greatest generation.
Recommended for you
While the Financial Advice Association Australia said it supports a performance testing regime “in principle”, it holds reservations about expanding this scope to retirement products.
In a Senate submission, the Financial Services Council said super funds should be able to nudge members on engaging with their super and has cautioned against default placements.
The Joint Associations Working Group, which counts FSC in its ranks, has issued an urgent warning to the government.
Senator Jane Hume will join the speaker lineup at the inaugural Australian Wealth Management Summit.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI First Close USD
66.99 3 y p.a(%)
2
Hills International
63.66 3 y p.a(%)
3
Acadian Global Equity Long Short Class A
36.33 3 y p.a(%)
4
CFS FC Acadian Global Equity Long Short
35.96 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
32.23 3 y p.a(%)
Add new comment