Financial Predictions For 2020 That Make It A Great Year!
The financial sector in Australia – including its structures as well as institutions – has faced considerable change and reform in the last decade. We have seen the industry evolve, redefine itself and come ever closer to serving you better.
Even with all the unpredictability and dynamism, the year 2019 still proved to be a good year for everyone participating in the market. The government supported this with robust and pragmatic policymaking. And the industry itself responded eagerly – picking up its pace to meet expectations.
The year 2020 marks the start of a whole new decade. It is a continuation of the good things that were started in the last decade as well as a beginning for newer things that are more in tune with the modern era we are entering. These are exciting times indeed!
We want to take this opportunity to wish you a happy new year.
We at Oakmont, are pleased to be sharing this journey with you. We are keen to offer our expertise – in helping you navigate the market, make informed decisions, and safeguard your financial future and legacy. And, be of value to you through every stage of life or situation.
Here in this blog post, we outline a few predictions for 2020 that make it a great year. We focus on new trends that will find their way in and on some age-old precepts of importance.
1. Pushing for greener ideas
Pushing for those “green” ideas is something that everyone must consider as the unsettling realities of our new world converge on us. We are referring to the bushfires currently raging in Australia. Whether it is going paperless, reducing your carbon footprint or being innovative in general – there are more than a few ways.
This is also supported by the growing demand by consumers for ecofriendly and environmentally conscious products and services.
2. Solving problems with collaboration
Technology has been at the forefront this past decade and, as we see it, it will continue to be so. While technology (fintech) is creating a conducive environment, in our opinion, it is collaboration that is going to drive things forward this year. Collaboration between countries, businesses – start-ups and corporations, and individuals, is going to redefine the way we solve problems.
The collaboration between banks and fintech is the game-changer, with banks using Artificial Intelligence and machine learning to deliver next-generation financial services that consumers deserve.
3. Eliminating debt through practical means
We are going to stress on one of the fundamental principles of financial planning with this point – eliminating debt through practical means. Debt can curb your freedom as well as hinder your lifestyle. There are several strategies that you can deploy in order to reduce your debt and regain control.
Several consumer studies, such as this one, show that reducing debt is a financial resolution and priority in the new year.
4. Creating avenues for sustained growth
It is sensible to focus on sustainable growth this year. Creating sustainability will help you wade through and conquer even the most tumultuous waters with agility. Given the unpredictability of the financial world this past decade, it is perhaps prudent to base your financial decisions on this precept.
Banks and financial institutions are overseeing a global shift away from shareholder supremacy and profit maximisation towards greater sustainable involvement of stakeholders and responsible capitalism, as millennials and Generation Z become the primary investors.
5. Reinforcing the role of financial planning
If you haven’t already, consider giving financial planning a fair go this year. A trusted financial adviser can help you map out your plans and navigate the landscape. They can partner with you on your financial journey, matching your needs with what’s best for you.
With a broad experience of over 60 years of consulting, we at Oakmont, are committed to delivering exceptional service. We care about your future.
We provide tailored financial advice that takes your special and unique needs into consideration. We simplify all aspects of financial planning, supporting you properly from beginning to end. Reach out to us and let us help you, today. We look forward to hearing from you.
General Advice Disclaimer
The information contained on this website and in this blog-post is general in nature and does not take into account your personal situation or circumstance. It is recommended that you consider and use the information provided responsibly, and where appropriate, seek professional advice from a financial adviser.
Although, every effort has been made to verify the accuracy and correctness of information, Oakmont Financial Group, together with our consultants, officers, agents, and employees, disclaim all liability for any loss or damage suffered by any persons directly or indirectly relying on this information.