“People really struggle to take a longer-term view on their personal finances, particularly as we now live in a world of instant gratification, but taking the time to consider financial goals and putting in place the necessary steps can go a long way and give assurance that a payoff will eventuate,” Mr Philpott said.

With low interest rates set to continue into 2020, he added that investors may need to take a critical eye to their portfolio and look at how they could make their money “work smarter”.

“Unfortunately, the current low interest rate environment is making it tough for savers, but with careful planning, you can make your money work smarter, not harder,” Mr Philpott said.

“It’s worthwhile investigating whether cash is better saved elsewhere, or even contemplate different forms of investments or asset classes altogether. It’s a particularly good time to rebalance investment portfolios to consolidate any gains and also maintain diversification.”

In addition, Mr Philpott said investors should review their contribution strategies in super and whether they could potentially contribute more through tactics such as salary sacrifice and co-contribution.

With a high rate of divorce recorded over the holiday period, it could also be appropriate that fund members look at whether the person nominated as the beneficiary of their super account was still appropriate, as well as review existing wills and estate plans to account for changed circumstances.