Financial plans are making Aussies happy
Half the Australian population are earning between $80,001 and $100,000 a year and 63 per cent are feeling financially confident which is contributing to Australia’s ranking as one of the world’s happiest countries, according to RaboDirect.
According to the RaboDirect financial health barometer happiness report, Australians valued community involvement and happy relationships highly, but financial security was on par as a crucial contributor to happiness.
Of surveyed Australians who responded as ‘completely happy,’ 61 per cent had a solid financial plan, 53 per cent classed themselves as financially informed, and over half (52 per cent) had good spending habits.
Mind Profile Psychology Clinic founder, Nick Petrovic, said money remained an object for happiness as Aussies looked on it as a source of support for when things went awry.
“Money may not be able to fix every problem but it can offer you the time, space and opportunity to do the things that make you happy,” he said.
“Financial security can also mean a greater sense of freedom [and] peace of mind.”
Nearly a quarter (24 per cent) of Gen Y respondents looked on a long-term financial plan as the key driver to happiness, ahead of being married, while23 per cent of baby boomers were also made happy with a financial plan, and 22 per cent aimed to save regularly.
In comparison, 19 per cent of Gen X respondents touted a financial plan as a key happiness driver, which came in equal to working the correct number of hours equal to pay.
“For Gen X, working the optimal number of hours was a key ingredient for happiness, especially for households with children and pets,” Petrovic said.
“This highlights the importance of a health work life balance.”
AUTHOR
Hope William-Smith
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
