Sydney, 21-27 August 2017 (Financial Planning Week)
People happiest with their lot in life are most likely to have a financial plan, according to new research released by the Financial Planning Association of Australia (FPA) today into working-age Australians truly ‘living the dream’, and how they do it.
The national research includes fascinating new insights into the regrets, dreams, and attitudes to matters of money and life across generations, genders and geographies.
Almost one in four Australians (23%) surveyed believe they are ‘definitely’ or ‘mostly’ living the dream (infographic available on request). 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 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, according to the FPA “Live the Dream” research. 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 research reveals a powerful data link between our nation’s happiness, and financial planning. It’s my hope we’ll inspire more people with this research and the various stories and insights we’re releasing this Financial Planning Week to seek sound financial advice to unlock their own dreams,” said FPA CEO, Dante De Gori, CFP®.
The FPA “Live the Dream” national survey was conducted by McCrindle Research to 2,635 working age Australians in May 2017. A full report including data insights into habits and beliefs of those living the dream, and not, is available now from moneyandlife.com.au/livethedream.
Australia’s Four Financial Action Personalities:
Four distinct personality types are identified in the national data based on people’s ability to dream and to act on their plans. The results are summarised below:
For a full demographic breakdown of the four “Financial Action Personalities” download the “Live the Dream” report from www.moneyandlife.com.au/livethedream.