{"id":1577,"date":"2023-06-02T05:18:06","date_gmt":"2023-06-02T05:18:06","guid":{"rendered":"https:\/\/actinvest.com.au\/?p=1577"},"modified":"2023-06-02T05:18:06","modified_gmt":"2023-06-02T05:18:06","slug":"australians-seek-financial-independence-report","status":"publish","type":"post","link":"https:\/\/actinvest.com.au\/index.php\/australians-seek-financial-independence-report\/","title":{"rendered":"Australians Seek Financial Independence \u2013 Report"},"content":{"rendered":"<p>The priorities of Australians have changed, with financial independence now the nation\u2019s most common aspiration, according to a new report.<\/p>\n<p><img loading=\"lazy\" alt=\"\" height=\"348\" src=\"https:\/\/acctweb.com.au\/images\/fp-retirement-risk.jpg\" width=\"475\" \/><\/p>\n<p>.<\/p>\n<p>Insignia Financial\u2019s\u00a0inaugural\u00a0<em>Financial Freedom Report<\/em>, commissioned by Insignia and conducted by social research agency McCrindle, explores the aspirations of Australians across generations, genders and demographics.<\/p>\n<p>Insignia Financial says that in what appears to be a shift from the past, the most common aspirations held by Australians today are:<\/p>\n<ul>\n<li>Achieving financial independence (55%)<\/li>\n<li>Taking regular holidays (50%)<\/li>\n<li>Maintaining a good work\/life balance (45%)<\/li>\n<li>Home ownership (45%)<\/li>\n<li>Building a trusted group of family and friends (44%).<\/li>\n<\/ul>\n<p>The firm says that when it comes down to it, Australians are now more inclined to pursue their dream life (60%), over owning their dream home (40%).<\/p>\n<p>Renato Mota \u2026the report sets some important benchmarks<\/p>\n<p>It says this shift in priorities has manifested at a time when the impacts of Covid and increased cost of living pressures have altered the short-term behaviours of many, forcing three in five Australians (62%) to adjust household spending and budget more.<\/p>\n<p>\u201cWhen asked if they would be able to maintain their current lifestyle over the next two years, 56% of Australians were not confident this would be possible, compared to the 44% of Australians who strongly or somewhat agreed this would be possible.\u201d<\/p>\n<p>Insignia Financial Chief Executive Officer,\u00a0<strong>Renato Mota<\/strong>, says it\u2019s clear Australians have changed their priorities in life from the traditional dream of owning a home to living their dream lifestyle, which is under pressure from the current economic climate;<\/p>\n<p>He notes the report sets \u201c\u2026some important benchmarks that helps us understand and support the aspirations and dreams of Australians for years to come.\u201d\u00a0<\/p>\n<blockquote>\n<p>\u2026a third of Australians (31%) report receiving no financial literacy education in their childhood\u2026<\/p>\n<\/blockquote>\n<p>In other findings, Insignia Financial says a third of Australians (31%) report receiving no financial literacy education in their childhood, with 35% receiving a small amount and only 22% receiving a fair amount.<\/p>\n<p>It states that from a young age, females are at a disadvantage when it comes to financial knowledge and the lack of adequate financial education often impacts their greater financial wellbeing later in life.<\/p>\n<p>Younger females are most likely to report receiving either no, or a small amount, of financial education in their childhood.<\/p>\n<p>The report also notes that despite women being at a disadvantage when it comes to financial knowledge and education, they are working hard to achieve their dreams and are more motivated than men to achieve them (55% are extremely\/very motivated to achieve their dreams versus 44% of men).<\/p>\n<p><strong>Unsatisfied with Financial Situation<\/strong><\/p>\n<p>Meanwhile, three in four Australians would like to do more with their finances, with more than one in five Australians (22%) claiming they are not at all satisfied with their financial situation, and more than half (55%) considering themselves only somewhat\/slightly satisfied with the state of their finances.<\/p>\n<p>\u201cIn saying this, more than half (58%) of Australians want to manage their money better, with 63% of the population dedicating more focus to increasing their financial knowledge compared to 12 months ago,\u201d the firm says.<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p>May 23, 2023<br \/>\nriskinfo.com.au<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The priorities of Australians have changed, with financial independence now the nation\u2019s most common aspiration, according to a new report.<\/p>\n","protected":false},"author":1,"featured_media":1578,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[],"_links":{"self":[{"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/posts\/1577"}],"collection":[{"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/comments?post=1577"}],"version-history":[{"count":1,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/posts\/1577\/revisions"}],"predecessor-version":[{"id":1579,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/posts\/1577\/revisions\/1579"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/media\/1578"}],"wp:attachment":[{"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/media?parent=1577"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/categories?post=1577"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/tags?post=1577"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}