Latest news with #CraigDay
Yahoo
6 days ago
- Business
- Yahoo
Hidden cost set to slash inheritance hopes
Younger Australians are over-estimating their inheritance as cost-of-living and stagnant wages means they need more than older Australians will be able to give them. New data released by Colonial First State shows Australians aged between 18 and 29 expect to inherit a whopping $525,000 on average, when the family home and leftover super is factored in. These high expectations come as younger Australians look to the older generations to help secure their financial future. But a combination of rising aged care costs, changing government regulations in the space and the sheer longevity of older people means this optimism around how much they will inherit is 'misplaced.' CFS head of technical services Craig Day warned these high inheritance expectations will come 'under pressure'. 'When you think about what older Australians are staring down the barrel of including longevity and rising aged care cost, this ($525,000) expectation is going to come under a lot of pressure,' he told NewsWire. 'A lot of the assets that are earmarked to be paid out as an inheritance may in the future be needed elsewhere.' CFS says most older Australians intend to leave something behind, but many underestimate just how much they will have left. The family home, vehicles and any remaining superannuation top the list to be passed down to the kids, but investment portfolios and other property have largely been earmarked for retirement income. CFS chief executive of superannuation Kelly Power said young Australians also need the money. 'Young people are increasingly relying on the wealth of their parents or grandparents due to rising living costs, stagnant wage growth and housing pressures,' she said. 'At the same time, older generations are navigating the complexities of retirement planning. 'They want to support their families while ensuring their own financial security. Mr Day urged older and younger Australians to openly talk about their financial futures. 'It's important that young and old can discuss their expectations and plans openly. By having these conversations early, families can ensure that everyone is on the same page and can make informed decisions that align with their values and goals,' he said. 'It's why we're saying it's really important for families to have these conversations so they don't get to the point where it's oh bugger, I was expecting this much to pay off my mortgage before I started saving for my retirement but there's not much left.' Mr Day also said younger Australians should look at their retirement needs as early as possible, even though 'the realities of life' including cost of living pressures can make it harder to think long-term. 'It's never too early to start planning for retirement,' he said. 'The sooner you plan, the easier it becomes because you get the benefit of that compounding big snowball rolling and it helps you achieve your objectives sooner.' Sign in to access your portfolio
Sky News AU
6 days ago
- Business
- Sky News AU
Sky-high expectations around inheritance likely to fall flat, as older Australians face retirement uncertainty
Rising aged care costs, longer life spans and tighter retirement budgets are set to challenge the financial expectations of young Australians, as new figures reveal a major disconnect between what they hope to inherit and what older generations will realistically leave behind. Data from Colonial First State (CFS) has revealed that Australians aged 18 to 29 are banking on a substantial inheritance, estimating they'll receive an average of $525,000. This figure factors in assets such as the family home and remaining superannuation. But those expectations, CFS warns, could be setting them up for a harsh financial reality check. 'When you think about what older Australians are staring down the barrel of including longevity and rising aged care cost, this ($525,000) expectation is going to come under a lot of pressure,' CFS head of technical services Craig Day told NewsWire. 'A lot of the assets that are earmarked to be paid out as an inheritance may in the future be needed elsewhere.' These findings come amid growing reliance on intergenerational wealth transfers, with many younger Australians facing stagnant wages, skyrocketing living costs and an increasingly unaffordable housing market. 'Young people are increasingly relying on the wealth of their parents or grandparents due to rising living costs, stagnant wage growth and housing pressures,' said CFS chief executive of superannuation Kelly Power. 'At the same time, older generations are navigating the complexities of retirement planning. They want to support their families while ensuring their own financial security.' CFS notes that while many older Australians still plan to leave something behind, their estimates of what will remain may fall short. Core assets like the family home, super and vehicles are typically the main sources of inheritance. But other investments, including property portfolios, are now often used to fund retirement. Mr Day is urging families to confront the issue now, rather than waiting until it's too late. 'It's important that young and old can discuss their expectations and plans openly. By having these conversations early, families can ensure that everyone is on the same page and can make informed decisions that align with their values and goals,' he said. 'It's never too early to start planning for retirement.'
News.com.au
7 days ago
- Business
- News.com.au
‘Under pressure:' Young Aussies over-estimate the bank of mum and dad
Younger Australians are over-estimating their inheritance as cost-of-living and stagnant wages means they need more than older Australians will be able to give them. New data released by Colonial First State shows Australians aged between 18 and 29 expect to inherit a whopping $525,000 on average, when the family home and leftover super is factored in. These high expectations come as younger Australians look to the older generations to help secure their financial future. But a combination of rising aged care costs, changing government regulations in the space and the sheer longevity of older people means this optimism around how much they will inherit is 'misplaced.' CFS head of technical services Craig Day warned these high inheritance expectations will come 'under pressure'. 'When you think about what older Australians are staring down the barrel of including longevity and rising aged care cost, this ($525,000) expectation is going to come under a lot of pressure,' he told NewsWire. 'A lot of the assets that are earmarked to be paid out as an inheritance may in the future be needed elsewhere.' CFS says most older Australians intend to leave something behind, but many underestimate just how much they will have left. The family home, vehicles and any remaining superannuation top the list to be passed down to the kids, but investment portfolios and other property have largely been earmarked for retirement income. CFS chief executive of superannuation Kelly Power said young Australians also need the money. 'Young people are increasingly relying on the wealth of their parents or grandparents due to rising living costs, stagnant wage growth and housing pressures,' she said. 'At the same time, older generations are navigating the complexities of retirement planning. 'They want to support their families while ensuring their own financial security. Mr Day urged older and younger Australians to openly talk about their financial futures. 'It's important that young and old can discuss their expectations and plans openly. By having these conversations early, families can ensure that everyone is on the same page and can make informed decisions that align with their values and goals,' he said. 'It's why we're saying it's really important for families to have these conversations so they don't get to the point where it's oh bugger, I was expecting this much to pay off my mortgage before I started saving for my retirement but there's not much left.' Mr Day also said younger Australians should look at their retirement needs as early as possible, even though 'the realities of life' including cost of living pressures can make it harder to think long-term. 'It's never too early to start planning for retirement,' he said. 'The sooner you plan, the easier it becomes because you get the benefit of that compounding big snowball rolling and it helps you achieve your objectives sooner.'
ABC News
19-06-2025
- ABC News
Bart Moore avoids jail over Riverina crash that killed Serina Drury and Craig Day
A young driver has avoided jail after admitting he was responsible for a high-speed crash that killed two people near the NSW-Victoria border. Serina Drury, 55, and her passenger, Craig Day, 54, both of Tocumwal, died when a Ford Ranger driven by a teenager failed to give way at a country intersection and ploughed into their Toyota Hilux in July. Jerilderie teen Bart Moore, 19 at the time, was on Thursday sentenced in Albury District Court to a three-year intensive corrections order to be served in the community. He pleaded guilty to two counts of dangerous driving occasioning death in March. Taking the witness stand on Thursday, Moore said he was "gutted" by the deadly Tocumwal crash. Defence counsel Michael Davies reminded Moore of previous comments he had made about the crash and his response to it. "I've taken two people away for no reason because of my f*** up," Mr Davies said, quoting Moore. In closing submissions, Mr Davies told the court Moore's actions were the result of momentary inattention as he approached the Racecourse Road and Murray Street intersection, driving past give-way signs on the 80km/h road. "It's a matter of seconds, in my submission, your honour." He said Moore's immaturity reduced his moral culpability and noted his client had no criminal record and was of good character. The defence asked Judge Jennifer English to consider an intensive corrections order of not more than three years to be served in the community. However, the prosecution called for a prison sentence. Crown prosecutor Virginia Morgan said the actions of Moore were "more than momentary inattention". "The accused had a straight lead-in to the intersection, with give-way signs clearly visible facing him, and he failed to slow down sufficiently to have a proper look and thereby avoid a collision," she said. Under questioning by Ms Morgan, Moore admitted he didn't slow down enough to look properly at the crash intersection because he frequently drove through it and was "comfortable" with it. "I've never seen a car there and thought I could always go through it without slowing down enough," he told the court. Ms Morgan conceded Moore did not have a "terrible" driving record, but had received tickets for driving offences. Moore received his P1 licence in early 2023 and, under cross-examination by Ms Morgan, told the court he was caught travelling at 30kms above the speed limit in Victorian town Cobram months later. The court heard he was also caught driving through a give-way sign in February last year in Finley. Judge English found the Tocumwal crash was the result of "slightly more than momentary inattention" by Moore and he failed to look properly when he approached the intersection. The judge said custodial sentences could have significant, damaging consequences on vulnerable young offenders and Moore's actions did not warrant full-time custody. She found Moore was genuinely remorseful and contrite. Judge English also noted he had mental health issues, but said these were "not causative of this accident". As well as the community corrections order, Moore was disqualified from driving for three years.
ABC News
23-05-2025
- ABC News
Court hears families 'broken' from Tocumwal crash that claimed couple's lives
The family of a man killed with his partner in a southern New South Wales car crash says the tragedy could have been avoided. Driver Serina Drury, 55, and passenger Craig Day, 54, both of Tocumwal, died at Tocumwal's Racecourse Road and Murray Street intersection when their Toyota Hilux and a Ford Ranger collided in July last year. Jerilderie man Bart Moore, who was 19 at the time of the crash, pleaded guilty in March to two counts of dangerous driving occasioning death. Moore, who was supported in the Albury District Court by a group of people, cried as Mr Day's relatives described how their family had been "broken" by the deaths and would "never recover". He remains on bail. Sentencing will be finalised in the Albury District Court in June. Mr Day's sister, Tammy Day, said in her victim impact statement she had visited the intersection where the fatal crash occurred and had become familiar with it. "This accident could have been avoided if care had have been taken by the driver before the court," she said. Mr Day's mother, Joy Day, echoed the sentiment in her victim impact statement, which was read by a legal representative — she also felt the crash could have been avoided. "There is no justice that can bring Craig and Serina back, but I hope that the court can recognise this loss and devastating impact it has had on so many people," the statement read. The court heard Mr Day had been a gentle man, an avid lover of trucks, and had adored Ms Drury. His sister, Sherryn Ferguson, tearfully described in her victim impact statement that she had taken on the task of identifying his body, and was shocked by the extent of his traumatic injuries. "He didn't have a chance," she said. Ms Ferguson said the subsequent legal process had robbed her of the chance to hold his hand in death, as he was treated as evidence. "There is no dignity in dying as a coroner's case," she said. Victim impact statements from the Drury family were also tendered to the court.
