Australians have a diverse range of financial goals, according to new research from finder.com.au. Paying off a mortgage was considered an important financial milestone for three out of four of the 2000 Australians surveyed, but saving enough superannuation for a comfortable retirement wasn’t far behind.
Paying off debt, financing international travel, and securing an investment property were also key goals among those Australians surveyed. Further down the list, but still important to many Aussies, were achievements like retiring at 50, earning an annual salary over $150,000, starting a business, helping children secure their first home, and expanding an investment portfolio.
Bessie Hassan, a money expert from the comparison website said the survey showed a shift in how modern Australians measure financial success.
“While property is still prevalent among our financial aspirations, there are other goals that are highly valued such having a salary of $150,000 or greater and helping kids get a foothold on the property ladder,” she explained. “It’s encouraging to see that Australians are adopting a long-term mindset and thinking about paying down mortgage debt, [and] having enough funds to retire.”
Perhaps those long-term goals have come into focus because fewer Australians are achieving them. While most Australians (65.5 percent) own the home they live in, the proportion of Australians owning property dropped 1.5 percent between 2011 and 2016, according to domain.com.au. Just 53 percent of couples and 22 percent of single Australians are on track to save enough for a comfortable retirement, according to research from the University of Melbourne and Towers Watson.
At Chase Edwards, we understand that Australians have a range of different financial goals. Our financial solutions are as different as your aspirations because we understand that a one-size-fits-all approach to money management simply doesn’t work. To learn more about how we can help you achieve the financial goals that matter most to you, call us on 1300 854 833.