Has The Pandemic Changed Your Money Behaviour?

Yves SchoofBusiness

I found this interesting article on how the pandemic has changed our money psychology, you can read it HERE.

However, I also wanted to share some other observations, based on what I witness with clients and in my wider network.

 

Normally a share market decline triggers ‘fear in people, and they want to stay away from the stock market for a while. This time around, most people saw it as a buying opportunity. Young and old, experienced and inexperienced, everyone wanted a piece of the action and jumped in.

Online brokers were swamped with applications and couldn’t keep up with the demand. I believe a lot of this ‘new money’ has flown into ETFs, with ethical/sustainable ETFs seeing a fair share of inflows.

 

Secondly, many people are spending more money on themselves and their health. All of our clients, from dentists, to physicians and surgeons, have never been so busy.

 

Thirdly, house prices have been going through the roof and many of our clients have been locked out due to massive price increases, or have simply given up looking for the time being.

 

This pandemic has certainly created some interesting changes in the financial landscape and it remains to be seen how the share market will perform from hereon in.

Yves Schoof
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Yves Schoof

Author | Specialist Adviser for Medical Specialists and Surgeons at Affluence Private Wealth
I specialise in managing and coordinating the financial affairs of medical professionals and have been recognised as one of the best financial planners in Australia. I am a Certified Financial Planner and member of the Financial Planning Association of Australia.

As I understand your time is extremely valuable and scarce, I am able to offer flexible meetings times, including outside business hours and during the weekend. I can even come and meet you somewhere convenient, or talk via videoconference on Skype.

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Please contact me on yves@affluenceprivate.com.au or call me direct on 0432 885 295. You can follow me on Twitter @YvesSchoof or connect with me on LinkedIn to receive new articles.

DISCLAIMER
Yves Schoof and Affluence Private Wealth are Authorised Representatives of Synchron, AFS Licence No. 243313. 

The information posted is intended to be general in nature and is not personal financial product advice. It does not take into account your objectives, financial situation or needs.
Before acting on any information, you should consider the appropriateness of the information provided and the nature of the relevant financial product having regard to your objectives, financial situation and needs. In particular, you should seek independent financial advice and read the relevant product disclosure statement (PDS) or other offer document prior to making a decision.
Yves Schoof
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