Money is more of a concern than injury or death! Why not mitigate the risk of both?
Newcastle Financial Planning
Mining makes up the largest occupation segment of Newcastle Financial Planning clients and is said to contribute to 60,000 local Hunter jobs. With the constant reoccurring conversation around job security, safety in the local mining industry and the impact on the region, we feel it's our duty to really get to understand the needs and issues within the industry. We recently conducted a poll with our clients who work in the mining industry to determine the main issues facing the industry and how we can support those impacted.
The poll was opened only hours before the Paxton mine collapse and was also followed up 10 days later, post-collapse.
Surprisingly, respondent’s perception around safety in the industry remained at the same low level. Only 14.29% of respondents indicated they disliked the physical danger element the most.
There is also a low safety concern from family members of those that work in the mining industry. When respondents were asked ‘on a scale of 1 to 10 how much does your family worry about you when you are at work?’ nearly a third (28.57%) said (‘Not Applicable’) that they do not worry at all.
Other results included:
• Nearly three quarters (72%) of respondents indicated they are drawn to the industry by the high income
• Almost 60% (57.14%) said the part they dislike most about the industry is the long hours and shifts that take away from their leisure time
• Nearly three quarters (72%) of respondents said they would encourage others to enter the industry, and
• The majority (85.71%) of Newcastle Financial Planning clients that completed the survey believe they have adequate insurance cover in the case of something happening to them at work
National statistics suggest that only 31% of people have income protection, which is probably linked to the low number of Australians that receive financial advice.
The results of our survey prove that people who have received financial advice, are well and truly more adequately covered by insurance than most of the nation. This allows them and their families to sleep well at night, even when one of them works in a high risk industry. Ultimately, what you want to achieve to make the most of this exciting local micro and macro lifeblood industry and the high income it provides, is that both you and your family can sleep comfortably and soundly at night knowing you’re creating and protecting your future.
Newcastle Financial Planning client, director and licensed agent of PRD Nationwide Newcastle, Mark Kentwell, has also spent a significant amount of time in the mining industry pre-Real Estate.
In a recent interview by Newcastle Financial Planning, Mark shared his insights on the industry and said “it’s a great industry as far as income goes, you can be 50 to 100% up on someone doing a similar job in a normal work environment. If you’re earning great money, just make sure you put it to work for you.”
The full report is available at newcastlefinancial.com.au/wp-content/uploads/2014/05/Mining-White-Paper-May-2014.pdf
For more information or complimentary initial consultation contact Newcastle Financial Planning on 02 4962 4440 or email email@example.com