Income and debt holding more Australians back than health blog image

Income and debt holding more Australians back than health

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Financial factors are stopping more than half of Australians from achieving their life goals, according to research by Debt Rescue.

As many as 53.2% of those surveyed responded with income and debt as being the main factor inhibiting their aspirations in life. Physical and mental health were the main factors for nearly two in five Australians (39.1%).

Income prevents Australians from achieving life goals the most

Not earning enough money was the top reason for Australians not being able to achieve their life goals.

In this recent survey, it was Australians aged 55 years old and over who said debt stopped them from achieving their life goals more than any other age group.

Data from the Australian Bureau of Statistics shows debt is likely to be higher for those younger than 55, yet a higher percentage of Australians older than this age still saw debt as an inhibiting factor in life.

This could be due to younger generations perceiving other factors, like mental health, negatively affecting them more than debt to achieve goals.

The percentage of respondents who said mental or physical health stopped them from achieving their life goals was very similar – about 19-20%.

Understandably, Australians from the youngest and oldest age-groups felt differently about which aspect of their health affected them the most when it came to achieving life goals.

Nearly one in four Generation Y respondents (22.9%) said mental health was a major factor while about one in seven respondents 55 years old and over gave this response.

 

If you need expert advice on finance strategies that are based on your needs, contact a Chan & Naylor finance broker near you, and we’ll be more than happy to help.

Aside from finance strategies, have a look at our other accounting and advisory services that we do to help you achieve greater success.

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2 responses to “Income and debt holding more Australians back than health”

  1. Larry Tan says:

    Own 4 properties and having Interest only loan. Recently ANZ force us to convert to p&i and the repayment jumped to double monthly repayment. Need help to find another mortgage broker to switch back to interest only. Can you help. Tax return in nagativr but plants of equity in properties and have over 300K super reserve.

    • Chan & Naylor says:

      Thanks for your enquiry, Larry. A member of the Chan & Naylor Finance Team will be in touch with you soon. Have a great week!

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