McCrindle has been delighted to partner with the Financial Planning Association of Australia (FPA) in conducting new research into Australia’s financial hopes and fears for the future. The research, released in time for Financial Planning Week 2016, shows that one in two of us dream more about our future now than we did five years ago.
Daring to dream again
Australians are a resilient and indefatigable, even when faced with difficult economic times. A buoyant 82% of us are full of self-belief in our ability to achieve our goals, which include full financial independence (59%) and more free time to spend with those we love (43%).
We are also hard-working, creative, innovative, and entrepreneurial. Nearly half of us (45%) daydream about the future every few weeks or more, thinking ahead and planning towards our financial dreams.
Yet many Australians have made few concrete steps to turn financial dreams into reality. 63% of Australians report having made “no plans” or “very loose plans” for how to practically achieve the future they dream about so optimistically, and one in four (25%) never seek advice from others when making financial decisions.
The research also shows most of us have financial regrets – namely that we have not saved (47%) and not invested (27%) as much as we thought we should have. Only 35% of women aged 20-51 are happy with what they’ve achieved in life so far.
Life goals linked strongly to financial goals
Australians are most likely to indicate their biggest life goal is a financial goal (34%). Personal (31%) and relational (25%) goals follow closely behind. There is a seeming disparity, however, between vocational and financial goals with only 10% of Australians suggesting their biggest life goal is a career related goal.
Australia’s Four Dreaming Personalities: Risk versus perspective
Four distinct dreamer personalities types emerged from the research. Some working-age Australians prefer investing in long-term goals, while others spend their money as soon as they earn it.
Risk taking varies, with some willing to take significant financial risks, while others prefer to play it safe, only taking calculated risks, or none at all.
Many dream about the future and consider the steps they can take to make it a reality, while others deal with the reality before them and instead live in the present.
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