Increased household debt, record-high property prices and the aftermath of the global financial crisis have not impeded Australians’ belief in their ability to achieve their goals.
In fact, an August 2016 research paper by The Financial Planning Association of Australia and McCrindle, showed four in five Australians were confident they could turn their goals into a reality.i
We take a look at the achievements, aspirations and roadblocks that topped people’s lists.
The FPA and McCrindle study, which compiled responses from more than 1,000 people, aged 20 to 65, revealed Australians’ key achievements across generations.
Check out the table belowi to see how your own achievements fare.
|Generation Y||Generation X||Baby boomers|
|Travelling overseas – 39%||Buying a home – 42%||Travelling overseas – 46%|
|Buying a home – 28%||Travelling overseas – 36%||Buying a home – 42%|
|Becoming financially independent – 16%||Buying an investment property – 15%||Building a new home – 17%|
|Living overseas – 14%||Living overseas – 11%||Being financially ready for retirement – 16%|
|Paying off a wedding – 13%||Buying sport/hobby equipment – 9%||Starting a business – 14%|
Popular dreams and aspirations
Interestingly, nearly half of all Australians said they dreamed about the future every few weeks, with people’s major life goals including things such as:i
- Full financial freedom and independence – 59%
- Having the lifestyle of their choice – 58%
- Being able to pursue interests and hobbies – 50%
- Having more free time to spend with loved ones – 43%
- Having a family – 19%.
The obstacles holding people back
Despite many Australians feeling motivated by their abilities and dreams, there are things people acknowledge hold them back, like:i
- Having no plans (or only vague plans) for the road ahead – 63%
- Concentrating mainly on the present and short term – 61%
- People not believing in their ability to create the life they want – 18%
- Feeling too busy to dream about future possibilities – 13%.
Other factors people grapple with include regrets that they could have saved more (47%), spent less (34%) and invested more (27%).
How to get on track to achieving your goals
We can assist you to start mapping out your goals — whether it be saving for something big, buying a property, setting up your kids for the future, or something else. Exploring and planning is the first step and we can also help you take the next step to achieving your goals.
i FPA Dare to Dream – Research into Australia’s Financial Hopes and Fears
By AMP Life Limited
First published December 2017