The big money questions that Aussies are asking
Financial concerns have moved to the top of millions of minds during 2020, and financial planners are often the first contact for clients with questions.
Superannuation, welfare and real estate have been dominant topics among an avalanche of queries advisers have fielded in recent months.
Here are some of the big questions they're getting - and a few answers.
DO I STILL GET JOBKEEPER OR JOBSEEKER?
BT's head of financial literacy and advocacy, Bryan Ashenden, says the winding back of both the JobKeeper wage subsidy and JobSeeker unemployment benefit last month affects millions of people.
"It's important to revisit your household budget and make adjustments where needed," he says.
CAN HOMEBUILDER HELP ME?
Ashenden says the $25,000 grants under the Federal Government's HomeBuilder scheme mainly help people who were already considering building or major renovations before it was announced in June.
"While this is a Federal Government measure administered by the states, some state governments have additional incentives for home builders and renovators, so check with your local state revenue office for further information," he says.
CAN I STILL WITHDRAW MONEY FROM MY SUPER?
Australians have made more than 4.5 million applications to access up to $20,000 of their superannuation in two tranches through the Federal Government's COVID early release scheme.
"The application period for the early release of super has been extended from ending 24 September to now ending on 31 December 2020," Ashenden says.
SHOULD I PUT SPARE CASH IN SUPER OR THE BANK?
Wealth on Track principal Steve Greatrex says super funds this year have performed better than many people expected after financial markets crashed in March.
He says super delivers higher long-term investment returns than the near-zero interest paid by cash in the bank, and suggests people worried about the volatility inject smaller amounts over several months instead of a large lump sum.
"Spread your risk out," Greatrex says.
WILL PROPERTY RISE OR FALL?
Real estate values have been resilient so far during the pandemic, and Greatrex says strong activity in some capital cities suggests people are already looking forward to when the COVID crisis clears.
"We know it will eventually get back to normal, and some people are thinking in June next year everything will be going crazy," he says.
Originally published as The big money questions that Aussies are asking