MLC recently conducted a study surveying over 2000 Australian parents on what they thought the future held for their children, the results were startling. More than two thirds believed their children will not enjoy the same lifestyles that they have been afforded and 60% believed that the next generation will not be able to afford their own home.

The white paper also explored the retirement expectations and how they were to be managed, with the majority of respondents indicating that they would be reliant (or somewhat reliant) on the pension in retirement and many had concerns whether it would be available when they reached retirement.

These fears are probably a genuine concern and in my opinion make the importance on planning for the future all the more important.

Gone are the days where once you had a good job you put a bit of money aside and approached the bank for a loan, or had your boss put a few dollars into super and that with the age pension would get you by.

In the current financial environment, these things require an actionable plan, and the sooner that people start working towards these plans the sooner they will go to achieving them.

Simple strategies like developing a budget, outlining short term sacrifices that can be made to save faster, developing stepping stone investments and alike all help to turn dreams into reality.

Seeking professional advice can also be of great benefit. Financial planners are able to help formulate these plans with you, and in many cases also provide technical advice that may assist in the process.

Future generations may face challenges that are different to the ones faced by their parents and grandparents, but with planning and the right advice, they will be able succeed.

I bet if this study was conducted a few decades ago, the parents would have had concerns at that time as well, and that generation did just fine, young people today who prepare for the future will most likely finish up ok as well.