What does writing a Will have to do with financial literacy?
A Will forms part of any comprehensive financial plan.
Financial literacy is the ability to make informed choices when it comes to handling and managing your money. It is a core part of 'adulting', and much focus in recent years has been placed on it to ensure that people are making smarter financial decisions.
The Australian government has spent millions of dollars in recent years trying to improve the financial literacy of all Australians, and you have probably noticed that your employee benefits have started to focus more on financial products such as insurance benefits, reduced credit and mortgage rates, and increased super contribution. All of this is in an effort to ensure that Australians are smarter with their money, and that their family's long-term financial future is secure in case something unexpected were to happen.
Despite being one of, if not the most, important component of financial literacy, Wills have long been forgotten by many Australians when making their financial plans. Over 50% of Australian Adults do not have a Will, and scarily almost 60% of parents do not have a legally valid Will. Put it down to the confronting subject matter, a misguided sense of immortality, or just putting it in the 'i'll get to it later' bucket, many Australians choose not to think about what would happen if they were to unexpectedly pass.
While most people are financially literate, there seems to be an 'illiteracy' when it comes to Will-writing and the potential consequences this can have on your family if the unthinkable were to happen. We have all seen the A Current Affair specials of young mothers whose houses have been repossessed because the house was in their spouse's name, or family's whose assets have been frozen for months or even years while the estate is dealt with in Court - all because their partner did not have a valid Will.
Safewill is on a mission to improve financial literacy by making sure every Australian adult understands the importance of having a Will, and takes the time to complete the process. We have made the process easier, more accessible and more affordable than it has ever been to ensure that every Australian family is protected if the worst happens. It takes less than 20 minutes, but may be the most important step you ever take to protect your family's future.