New research links living your dream life with financial planning

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Australia has four Financial Action Personalities.

People happiest with their lot in life are most likely to have a financial plan, according to new research released by the Financial Planning Association of Australia (FPA) yesterday into working-age Australians truly ‘living the dream’, and how they do it.

The national research includes fascinating new insights into the regrets, dreams, and attitudes to matters of money and life across generations, genders and geographies.

Almost one in four Australians (23%) surveyed believe they are ‘definitely’ or ‘mostly’ living the dream (infographic available on request). These enviably content people are
nearly three times more likely to seek the advice of a financial planner (24%) than those who describe themselves as not yet living the dream (9%).

Not everyone is content, however. The research also shows 80 per cent of working-age Australians are stressed about money and finances, with 1 in 4 indicating acute stress
levels. Gen X and Gen Y are the most stressed about money and finance, and are the generation most likely to struggle with planning. Half of Gen Y (53%) finds planning their life very/somewhat hard. Two in five Gen X Australians feel the same way (44%), while Baby Boomers are the most likely to find planning easy to do (25%).

Owning a home is no longer a dominant Australian dream – slipping to a distant fourth place in the dream stakes, according to the FPA “Live the Dream” research. Most of the measures Australians attribute to “living the dream” in 2017 are linked to personal finance. While 57% believe living the dream means having the lifestyle of their choice, a
similar proportion (54%) believe it means having financial freedom and independence.

“The research reveals a powerful data link between our nation’s happiness, and financial planning. It’s my hope we’ll inspire more people with this research and the various
stories and insights we’re releasing this Financial Planning Week to seek sound financial advice to unlock their own dreams,” said FPA CEO, Dante De Gori, CFP®.

The FPA “Live the Dream” national survey was conducted by McCrindle Research to 2,635 working age Australians in May 2017. A full report including data insights into habits and beliefs of those living the dream, and not, is available now from moneyandlife.com.au/livethedream

Australia’s Four Financial Action Personalities

Four distinct personality types are identified in the national data based on people’s ability to dream and to act on their plans. The results are summarised below:

1. DAYDREAMER (32%)

Daydreamers love to dream about their future but often struggle to act on their plans. Almost half are Generation Y (47%) making this one of the younger segments. Daydreamers are more likely to be female (55%).

2. GO-GETTER (33%)

Go-Getters are not only big dreamers but are the type who are prepared to act on their plans. Like Daydreamers, Go-Getters are likely Generation Y (48%). They most likely live in a capital city (68%) rather than a regional area, and are more likely to have a degree (41%), and work full-time (46%) than other segments.

3. CRUISER (19%)

Cruisers are those who sail through life without much dreaming and prefer to spend more time enjoying life than acting with the future in mind. Baby Boomers dominate this profile (37%). Cruisers are more likely to be relationally free (24% are single) than any other segment.

4. BUILDER (16%)

Builder personalities prefer to act immediately, and rarely spend time dreaming about the future. They are more likely to be Gen X (38%)
and be in a family household without children (37%) than any other segment.

For a full demographic breakdown of the four “Financial Action Personalities” download the “Live the Dream” report.

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