McCrindle has been delighted to partner with the Financial Planning Association of Australia (FPA) again this year to conduct new research into the regrets, dreams, and attitudes to matters of money and life across generations, genders and geographies.
The new research shows almost one in four Australians (23%) believe they are ‘definitely’ or ‘mostly’ living the dream. These enviably content people are nearly three times more likely to seek the advice of a financial planner (24%) than those who describe themselves as not yet living the dream (9%).
Not everyone is ‘living the dream’
Not everyone is content, however. The research also shows 80 per cent of working-age Australians are stressed about money and finances, with 1 in 4 indicating acute stress levels.
Gen X and Gen Y are the most stressed about money and finance, and are the generation most likely to struggle with planning. Half of Gen Y (53%) finds planning their life very/somewhat hard. Two in five Gen X Australians feel the same way (44%), while Baby Boomers are the most likely to find planning easy to do (25%).
Owning a home is no longer a dominant Australian dream – slipping to a distant fourth place in the dream stakes. Most of the measures Australians attribute to “living the dream” in 2017 are linked to personal finance. While 57% believe living the dream means having the lifestyle of their choice, a similar proportion (54%) believe it means having financial freedom and independence.
“The great Australian dream once meant home ownership, and the security which came from this, but these once-dominant goals have been replaced with lifestyle and financial freedom aspirations” stated Social Researcher, Mark McCrindle.
“Money is not the sole enabler to ‘living the dream” as Generation Y are much more likely than the wealthier Generation X to state that they are living the dream. However a lack of money and high debt are the biggest blockers for the 3 in 4 Australians who are not currently living their dreams.”
Australia’s four financial action personalities
Four distinct personality types are identified in the national data based on people’s ability to dream and act on their plans. The results are summarised in the infographic below:
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