Home ownership no longer top Aussie dream
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).
Recommended for you
While returns and fees are the top priority for older Australians when it comes to their superannuation, more than one in 10 are calling for access to tailored financial advice.
Determinations by the FSCP since the start of 2025 are almost double the number in the same period of 2024, with non-concessional contribution cap errors and incorrect advice among the issues.
Whether received via human or digital means, financial advice is reportedly leading to lower stress and more confidence, according to Vanguard.
The new financial year has got off to a strong start in adviser gains, helped by new entrants, after heavy losses sustained in June.
