Home ownership no longer top Aussie dream

21 August 2017
| By Jassmyn |
image
image
expand image

Owning a home is no longer a dominant Australian dream, according to a survey by the Financial Planning Association (FPA).

The FPA’s survey found that owning a home now took fourth place in the dream stakes, as most of the measures attributed to “living the dream” in 2017 were linked to personal finance.

“While 57 per cent believe living the dream means having the lifestyle of their choice, a similar proportion (54 per cent) believe it means having financial freedom and independence,” the survey said.

The survey also found that most working-age Australians (80 per cent) were stressed about money and finances, with one-in-four indicating acute stress levels.

Gen X and Y were found to be the most stressed about money and finance, and were most likely to struggle with planning their lives.

Over half of Gen Y (53 per cent) felt planning their life very/somewhat hard, followed by 44 per cent of Gen X, and only 25 per cent of Baby Boomers felt the same.

However, 23 per cent of those surveyed believed they were “definitely” or “mostly” living the dream, and were three times (24 per cent) more likely to seek the advice of a financial planner than those who descried themselves as not living the dream yet (nine per cent).

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 1 week ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 1 week ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 1 week ago

A Sydney-based financial adviser has been banned from providing financial services in the interest of consumer protection after failing to act on conduct concerns. ...

3 weeks 3 days ago

ASIC has cancelled the AFSL of a $250 million Sydney fund manager, one of two AFSL cancellations announced by the corporate regulator....

3 weeks 1 day ago

Having divested its advice business in August, AMP is undergoing restructuring in at least four other departments amid a cost simplification program....

2 weeks 5 days ago