Jessica Shuwalow, Business Development and Marketing Manager, 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 and 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 and its related services. We recently opened up a poll to our clients that work in the mining industry to determine the main issues facing the industry and how we can support those impacted.

The survey/poll was opened up only hours before the Paxton mining collapse and then followed up with a reminder 10 days later and surprisingly respondent’s perception around safety in the industry remained the same low level.

Physical danger involved with the industry was a low second least most disliked part of their job, both prior and post the Paxton mine disaster, only 14.29% of respondents indicating they disliked the physical danger element the most. Over a fifth (21.43%) of people are concerned with possible health issues related to working in the industry.

Fin health check

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. The average score out of 10 was 4.21. Surprisingly it’s the roles that are perceived as lower risk, whose families worry the most ‘support worker’ scored 7 out of 10 and ‘electrical’ 8 out of 10.

  • Nearly three quarters (72%) of people that responded to the survey indicated they are drawn to the industry by the high income
  • Almost 60% (57.14%) said the part they dislike most about the job is the long hours and shifts take away from leisure time
  • Nearly three quarters (72%) of people that responded to the survey said they would encourage others to enter the industry
  • The majority (85.71%) of Newcastle Financial Planning clients that responded to the survey believe they have adequate insurance cover in the case something happened to them at work
    • National statistics suggest that only 31% of people have income protection, let alone adequate cover, which is probably linked to the low number of Australians that receive professional financial advice

The results of our survey prove that our clients who have received professional financial advice, are well and truly more adequately covered by insurance than most of the nation, which 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 and local Real Estate’s main man in sales Mark Kentwell director and licensed agent of PRD Nationwide, Newcastle, has also he also done a significant amount of time (five to ten years) in the mining industry pre-Real Estate days. After years on night shift, ongoing health issues experienced from the diesel fumes and dust that came with the territory and his passion for property and people, he left the industry for his career in Real Estate. But not before building a strong respect and understanding for the local mining industry, in a recent interview by Newcastle Financial Planning, Mark shares his insights on the industry “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 workshop/industrial work environment. If you’re earning great money, just make sure you put it to work for you.

To read the full white paper report with accompanying solutions to support you with the issues faced in the mining industry click here or button below.

Mining White Paper

Fin health check

Disclaimer: This editorial provides general information only. Before making any financial or investment decisions, we recommend you consult a financial planner to take into account your particularly investment objectives, financial situation and individual needs. Charter Financial Planning and its authorised representatives do not accept any liability for any errors or omissions of information supplied in this editorial. Charter Financial Planning Limited ABN 35 002 976 294 AFSL Licence No. 234665. Principal Address 750 Collins Street GPO Box 2830AA Melbourne VIC 3000.

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