In the second video in our series showcasing our Collective Partners’ views on our reinvention, Sam Hallinan of Nikko Asset Management talks about the opportunity for Australia to align more with the fortunes of Asia. To me, this makes perfect sense. You only have to walk down the street in the city to see how Australia has embraced Asian influences: shops, restaurants, tourism and property developments are all very obvious signs of our strong business and financial ties to Asia.
I remember having a fascinating discussion with former Prime Minister Paul Keating, who told me that if his kids were school-aged now, he’d make sure the first thing they learnt was Mandarin. He strongly believed that as parents we needed to do as much as possible to educate our kids about Asia. To open their eyes and minds to the opportunities Asia can offer them with regards to work, creating businesses, and exploring other cultures.
The subject of reinvention is one we could explore for years, as there are so many ways the process of reinvention will create a better future. To reinvent oneself as a Gen X, with ageing parents and kids that don’t leave home till much later is crucial to prevent a reliance on a pension system that will be bursting at the seams in 25 years. To teach our children and grandchildren a new way of thinking about the type of work they could do, and where they can do it is another. The days of leaving school to head to London for a year or two are probably less relevant to our kids today, than thinking about a trip to China, Japan, or other fast growing Asian economies.
Our aim is to present as many considered views as possible on the subject of reinvention over the coming years. We know change is not easy, and people don’t always embrace it head on. But whether or not you embrace it, it’s coming anyway in the form of the intergenerational wealth transfer. It’s important that everyone starts thinking about what that will mean to them, and how they will approach it. For advisers, thinking about communicating with their clients about it before it happens is critical as the only way this type of change will be implemented positively is via long-term financial education and frank family discussions around the dinner table – something that according to Dr. Mark Brimble from Griffith University, is still not happening enough in Australian families.
As usual, I thank our brilliant Collective Partners who are bringing this conversation to life. We are honoured to tell your stories and continue to carry the message to both advisers and the public. What’s at stake is too critical for us to do nothing about.
If you have ideas on ways Australians can reinvent for the better, join the conversation on twitter or on our LinkedIn page to comment.
All the best,
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