Accountant Thomas Mousa TLK Partners Business Wealth Advisors Sydney Financial

Australian financial expert, Thomas Mousa, senior partner of Sydney-based TLK Partners says, "effective interest can run into hundreds of per cent with payday loans and that interest further devastates families who are already devastated."

Kingsgrove, Australia - June 14, 2019 /NewsNetwork/ —

Financial ‘Lambs to the slaughter’ warns financial expert

This year we have seen a significant power shift for consumers, with the government investing heavily in heightened financial protections. Through thorough reviews of bank reforms and consumer lending policies, control is slowly being readjusted back into the hands of the Aussie public.

In fact, the 2019 Coalition government’s budget pledged $640 million to continue to restore trust in the financial sector by implementing the recommendations of the Royal Commission. These developments are encouraged and importantly, long overdue.

However, the government, despite many calls and promises to do so, has been slow to enact change against one of the most glaringly obvious issues facing Australian consumers — predatory finance practices such as payday loans.

Australian financial expert, Thomas Mousa, senior partner of Sydney-based TLK Partners says, “effective interest can run into hundreds of per cent with payday loans and that interest further devastates families who are already devastated.”

They have failed to recognise the low hanging fruit that could save thousands of vulnerable Australians from financial hardship. We only need to look to the Senate Inquiry into Financial Hardship that explicitly noted payday loans are perpetuating debt cycles among vulnerable Australians and aren’t being taken out for emergencies, but to pay off existing loans and meet cash shortfalls.

Little is being done to crack down on the issue and while politicians drag their feet on stamping out predatory lending, there are serious implications for Australians.

RELATED ARTICLE: Retirement Planning Financial Management Wealth Tax Advisors Sydney NSW TLK Partners

With the rising cost of living headlining Morrison’s budget this year and an election on the books, it’s clear that now, more than ever, we may need to rethink the way Australians get paid to better suit their personal financial pain points.

In 2018, 2.1 million Australians aged 18 and over shared that they experience severe or high financial stress according to the Centre for Social Impact and NAB. Similarly, research from MLC found that 46 per cent of Australians are living pay-cheque to pay-cheque. And this isn’t looking like it’s going to change any time soon. Recent Australian Bureau of Statistics (ABS) stats showed that more than one million Australians have two jobs to make ends meet.

Fortunately, there is a path forward and a way of managing financial concerns that employers can provide by focusing on financial wellness, providing important benefits to employees and their bottom line. A Harvard study found that investing in employee financial wellness leads to an increase in retention, boosts morale and increases productivity. This is more than just office yoga, it’s offering people a chance to take back financial control and relieve part of their financial stress.

RELATED ARTICLE: Property Tax Wealth Advice Accountants Kingsgrove Sydney by Expert Matthew Mousa TLK Partners

We know that financial vulnerability can lead to stress. And we know that financial stress isn’t reserved for one sector of the population, it’s felt by those across all income brackets. AMP found earlier this year that those who earn between $50,000 to $74,999 are the most likely to feel stressed about money – but that doesn’t exclude the rest of us.

Mousa says, “there are more demands put on our income at this time than at any other point in history,” and he says, “that demand is getting worse.”

The data tells the story loud and clear: employee financial concerns can have a detrimental impact on business. AMP found it costs an estimated $31.1 billion per year in lost revenue for Australian businesses. That’s a massive hit on Australia’s economy and one that isn’t being taken seriously enough.

Employers have an important role to play in helping the rest of us tackle predatory lending. Eradicating established practices like payday loans isn’t simple, and is going to require both politicians and businesses taking responsibility for the financial wellness of Australians. But positive progress is being made, and the potential is huge. So, while politicians are slow to act, employers have the power to cultivate change — and lucky for us, they’re only getting started.

TLK Partners Wealth Management Companies Kingsgrove, Beverly Hills | Tax Accountant & Agent | Property Advisersare financial management, retirement planning and wealth advisers serving enterprises and private individuals who hope to take care of their future through sound financial management. Visit their website or contact them at (02) 8090 4324 for an appointment to discuss your financial management and investment needs.

This material is of a general nature only, and it does not take into consideration your financial circumstances, needs or objectives. Before making any decision based on this content, you should assess your own circumstances, seek professional advice or contact our office to be directed to the appropriate professional. Whilst all care has been taken in presenting the material neither TLK Partners or its associated entities guarantee that the material is free of error and, the information may have changed since being published.

Syndicated by Baxton Media, the Market Influencers.

Contact Info:
Name: Matthew Mousa
Email: Send Email
Organization: TLK Partners
Address: 1-5 Commercial Rd, Kingsgrove, NSW 2208, Australia
Phone: +61-1300-724-017

Source: NewsNetwork

Release ID: 520491

Latest News

Springboks' 1st black captain gets his chance at history

Nov 19, 2019

TOKYO — It was the week after Siya Kolisi's fourth birthday when Nelson Mandela presented Springboks captain Francois Pienaar with the Webb Ellis Cup in a defining moment for rugby, and for South Africa. Kolisi was 16 when the Springboks won their second Rugby World Cup title. There was no television at his home, he recalls, so he had to go to a tavern to watch John Smit lift the trophy after beating England in the 2007 final in Paris. Twelve years on, the first black player appointed as Springboks captain gets a chance to etch his name in history...

England's response to All Blacks haka results in fine

Nov 19, 2019

TOKYO — England has been fined for crossing the halfway line in its response to New Zealand's pre-match haka at the Rugby World Cup semifinals. World Rugby says England breached "tournament rules relating to cultural challenges, which states that no players from the team receiving the challenge may advance beyond the halfway line." England's players stood in a V-formation as the All Blacks performed the haka, with a half-dozen players beyond the halfway line. World Rugby says the sanction is in line with protocol that operates across the international game. The fine is reported to be 2,500 pounds ($3,200) ___...

The Latest: Scott Barrett into backrow in NZ's only change

Nov 19, 2019

TOKYO — The Latest on Thursday at the Rugby World Cup in Japan (all times local): 11:30 a.m. Scott Barrett will start in the backrow in the only change to New Zealand's starting XV for the Rugby World Cup semifinal against England. The versatile Barrett replaces Sam Cane on the blindside flank as the All Blacks bid to bolster the lineout. Barrett replaced Cane in a tactical change at halftime in New Zealand's 46-14 win over Ireland in the quarterfinals last weekend. He will join brother, fullback Beauden Barrett, in the starting XV. Another brother, Jordie Barrett, is on the...

Sharp-talker Jones says spy filmed England, lobs barbs at NZ

Nov 19, 2019

TOKYO — It's Rugby World Cup semifinals week and Eddie Jones, one of the sport's sharpest talkers, is in full wind-up mode. The team bearing the brunt of the England coach's barbs? England's opponent on Saturday, the world champion All Blacks. The All Blacks' mental skills coach will be "the busiest bloke in Tokyo," Jones said Tuesday. He described New Zealand's journalists as "fans with laptops." He spoke of "omens" in the week of Japan's enthronement of a new emperor. He even made accusations of spying. "There was definitely someone in the apartment block, filming," Jones claimed after England's morning...

Lomu's legacy looms over NZ-England World Cup semifinal

Nov 19, 2019

TOKYO — One trampling run launched Jonah Lomu to global stardom, ensuring his name will be indelibly linked to a Rugby World Cup semifinal between New Zealand and England. The All Blacks winger's rampaging runs during that era-defining World Cup in South Africa in 1995 were highlighted by his four-try haul against England in the semifinals. Before the teams meet in another semifinal this Saturday in Yokohama, there'll be no avoiding remembrances of Lomu's legacy. He died in 2015 at the age of 40 after complications from a kidney disease. One of those tries against England, when he gathered a...

About Us

Frontal Report is an emerging leader in all forms of media. We aim to be the leading news brand for readers around the world.

Contact us: sales[at]

Subscribe Now!