Planning in a digital world

We live a large part of our lives online – more than 14.2 million Australians were internet subscribers  at the end of 2017 and 87% of us access the internet daily for an average of 10 hours.

We pay bills online, store contact and financial records digitally, “own” an embarrassing amount of social media accounts and email addresses as well as photos, files and music collections backed up to the cloud. 

In many ways the internet has made our lives simpler and more convenient, but it does present challenges for those people who need to access our assets and information after we’re gone.

You might have 20, 50 or 100 service providers – everything from Facebook to PayPal, frequent flyers and brokerage accounts – and if your kids or your partner don’t have your passwords or account details they could be in for a bit of a rough ride.  Locating and contacting each one of those service providers individually and working through their individual processes can be a time consuming and often frustrating experience. 

Passing on your digital footprint

Keeping a register of your online assets in one, secure place, gives you peace of mind that your loved ones will be able to access your information quickly and easily without having to trawl through your personal records.

People tend to record their information in one of three ways: in a book or on paper; in a spreadsheet or electronic document; or using a professional password manager service.

Each has its advantages, but also disadvantages and those should be considered and mitigated as much as possible. Recording your information in a book is an easy option but you should consider how you protect against things like fire, theft and deterioration.

Regardless of how it’s kept, there needs to be a process to ensure the right people can access it. That could just be a matter of letting them know where the book is kept, which computer and files need to be accessed or which password service you’re using and how to locate the master password.

Call our Customer Care team on 1300 652 770 for Simple Super Advice, for no additional cost and we can help you get organised today. Find out more about Virgin Money Super today.