Media Release

21 May 2009

Financial planning to ease pressure of the global recession

Minister for Human Services, Senator Joe Ludwig, is encouraging families to use Financial Planning Week (25-31 May) as an opportunity to get their finances in order for the benefit of their relationships.

According to a report from Family Relationship Services Australia into the impact of the global recession on family relationships, 59% of respondents experiencing relationship difficulties attributed their problems to financial pressures.

“The global economy is going through a very difficult time – and it’s affecting Australia and every country in the world,” Senator Ludwig said.

“I encourage families to take advantage of the services and tools available to help them manage their household spending during these difficult economic times.”

“A good place to start is the family budget.”

“Creating a budget can help people gain control of their finances and be in a better position to support themselves and their children.”

The Minister said Centrelink and the Child Support Agency have a range of support tools and services available to help families through the global recession.

“Centrelink’s Financial Information Service provides free and confidential information to help people understand their financial options and make better financial decisions for themselves and their families,” Senator Ludwig said.

“The Financial Information Service runs regular seminars for retirees and younger people wanting to know how they can save for the future. For a list of upcoming seminars visit www.centrelink.gov.au.”

“Managing budgets can be extremely stressful for separated families.”

“The free Me and My Money booklet, available from the Child Support Agency (CSA), has a budgeting sheet to help parents easily track and plan their spending.”

“The booklet also contains practical advice for separated families, including money-saving tips to keep children entertained.”

“In addition there is a wide range of financial counselling services and referral information available on the Community Services Directory at www.csa.gov.au.”

For more information on financial planning, visit the Australian Government’s Understanding Money website at www.understandingmoney.gov.au.

Media Contact

Sarah Cosson — 0423 823 843 or (02) 6277 7200.