Fear drives Australians to achieve financial goals

While aspirations of wealth and asset ownership rate high among Australians, it is the fear of not having enough money that drives people to establish their financial goals, according to Sunsuper.

A survey of more than 500 Australians across all age groups found that that although financial goals differed among participants, it was the negative drivers of not being independent or having enough money to enjoy life that motivated people.

“People in their 20s and 30s are desperate for independence. Fears of being left behind financially and having to constantly rely on others fuels their dreams of successful careers and owning assets,” said Sunsuper general manager of customer engagement Teifi Whatley (pictured).

“Baby boomers rate time with family as high in the dream stakes, but it is the lack of financial security, particularly in retirement, that poses one of the biggest threats to making dreams a reality.”

The two financial goals were realised by the majority of participants were buying a first car and spending more time with family, rather than at work.

The least achieved goals were asset ownership (42 per cent) and a comfortable retirement, with 70 per cent of respondents feeling they had not adequately achieved this.

The key reasons given for not having achieved these dreams ranged from changes in financial situation, unexpected expenses and being forced to retire early.