Australians are feeling much happier about their general health and wellbeing than they are about their finances, a new study has revealed – with home ownership being a key stress point.
A national Colmar Brunton survey has found that only 35% of Australians are satisfied with their financial wellbeing, while 59% are satisfied with their mental wellbeing, 50% with their social wellbeing and 45% with their health and physical wellbeing.
Renters more financially stressed than property owners
Owning a property versus renting a property has a direct effect on financial wellbeing, the study revealed, with renters (45%) much more likely to be dissatisfied.
According to social researcher Mark McCrindle, owning your own home or property is a perceived milestone that often affects people’s sense of satisfaction.
“Individuals compare themselves to their peer group and home ownership has been the wealth vehicle they have used,” Mr McCrindle told News.com.au. “Costs of living are going up and if they are still renting, rather than owning a house, it can add to their insecurities.”
Australians feeling unprepared for the future
One in three survey respondents said they did not have the financial freedom to make choices that would allow them to enjoy their lives.
A further 29% do not feel prepared for any potential financial setbacks or emergency events.
Funding retirement was top of mind for many respondents with 43% feeling their superannuation is not on track to allow them to maintain their standard of living into retirement.
The data also revealed that 36% of Australians believe they will need to keep working past the age of retirement.
A taboo topic
Experts agree that the journey to financial wellbeing starts with education. And yet financial education is notably lacking – it is not commonly taught in schools, or the workplace – and therefore an individual’s financial education is completely dependent on social, familial or community structures and resources.
“Wealth is a taboo topic,” says Ironfish CEO & Founder, Joseph Chou. “It’s not taught in school, we don’t talk about it amongst ourselves, or with friends or colleagues, generally speaking. And yet, we know from experience that wealth can be learned.
“That’s why it’s so important to us at Ironfish to inspire people to take ownership of their finances and achieve the financial freedom they need to enjoy life now and feel more confident about their future.”
From renter to owner
In our experience, most people already believe that property is a great investment and has a strong link to their sense of financial wellbeing.
Most people probably also wished they’d bought property years ago but lacked the confidence to make a decision about which particular property to purchase or felt it was too far out of reach.
At Ironfish, our aim is to simplify investment concepts, provide quality education, investor tools, service and properties – and share our collective investment experience to help you achieve your property goals.
Tips from Ironfish First Home Buyers
Lynn Doan, Property Analyst
Look in areas you can afford, and find a good mortgage broker to assist with the loan process.
Vivien Liew, Client Care Manager, Ironfish Perth
Remember, this won’t be your “forever home”, but it is the important first step in getting there.
Libby Hunter, Senior Housing Co-ordinator
Buying off the plan provides you with more time to save your 20% deposit.
Whether it’s buying your first home or building a portfolio of properties for your future – we are here to help!
Want to improve your financial wellbeing?
- Book a free appointment for a Personal Strategic Analysis: what some of our customers call a ‘financial health check’ or a personal strategy session – where we can answer all your questions, explain investment concepts and create a strategy for you based on your goals.
- Read some more tips from our staff and customers: all ages, backgrounds and professions – they are very inspiring, and their tips are great!
- Financial Wellbeing for the workplace: we offer an education-based program for organisations to help improve staff financial wellbeing and allow people to perform at their best.
 Of staff in Ironfish Australian branches – as at November 2017.