Millennial Investors And Savers: Here’s How The Budget Impacts Your Financial Future

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The budget may not be the most exciting news for millennials, but it could significantly impact our financial future. Here’s what you need to know

The federal budget, announced on Tuesday night, includes several measures that could impact the financial future of Millennial investors and savers.

One fundamental change is the increase in the maximum amount Australians can contribute to superannuation each year. The cap will rise from $25,000 to $27,500. This means that Millennials can potentially save more for their retirement and benefit from the tax advantages of superannuation.

“It’s great to see the government encouraging savings for retirement at a time when there is increasing concern about the sustainability of the aged pension,” said financial planner Amy Taylor

The budget also includes a plan to make housing more affordable for first-home buyers, with a guarantee on First Home Loan deposits, allowing them to purchase a property with just a 5% deposit. This could be particularly beneficial for Millennials entering the housing market.

“The First Home Loan Deposit Scheme could make a big difference for first home buyers, particularly in the current market where saving for a deposit can be difficult,” said Taylor

However, there are some potential downsides for Millennial investors and savers. The budget includes changes to tax deductions for investment property expenses, which may impact those with rental properties.

Treasurer Jim Chalmers has defended the budget measures, saying they will “build a stronger economy and deliver better services.”

But as always, Millennial investors and savers need to consider how these changes may affect their financial situation and seek professional advice.

When asked about her say on the matter, financial planner Taylor said, “I always encourage my clients to stay informed and keep an eye on changes that may impact them, but ultimately it’s important to have a solid financial plan in place that takes into account both short and long term goals.”

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