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.
Chan & Naylor Group has nationwide offices in North Sydney, South West Sydney, Sydney, Pymble and Parramatta in New South Wales, Melbourne, Moonee Ponds and Hawthorn in Victoria, Brisbane and Capalaba in Queensland, and East Perth in Western Australia that can assist you with your loans as well as any property tax or business tax enquiry that you may have. Contact us today.
Photo: Stock Photo Secrets
The material on this website has been prepared for general information purposes only and not as specific advice to any particular person. Any advice contained on this website is General Advice and does not take into account any person’s particular investment objectives, financial situation and particular needs. Before making an investment decision based on this advice you should consider, with or without the assistance of a securities adviser, whether it is appropriate to your particular investment needs, objectives and financial circumstances. In addition, the examples provided on this website are provided for illustrative purposes only.
Although every effort has been made to verify the accuracy of the information contained on this website, lnfocus, its officers, representatives, employees and agents disclaim all liability [except for any liability which by law cannot be excluded), for any error, inaccuracy in, or omission from the information contained in this website or any loss or damage suffered by any person directly or indirectly through relying on this information.