According to the research, 77% of the Australians consider financial security as their top life goal as compared to 49% placing owning a house as the top life goal and 37% with having a family as the top priority in their life.
Life goals, their significance, and their rankings have undergone a radical evolution in the past couple of decades. The generations have changed and, with that, the definition of what is important and what is not has changed too.
Financial security is generally defined as the state of mind wherein you are at peace with your finances. You would not be worried if your income is enough to cover your expenses. Financial security also encompasses having enough money to cover contingencies and emergencies and to meet future financial needs.
Thus, financial security does not necessarily mean having a lot of money; it simply means that you have enough money for your present and future needs and don’t need to worry about your finances. Instead, financially secure people can focus on more substantial things in life rather than staying trapped in the cycle of managing income and expenditure challenges.
The definition of financial security explains that to be financially secure we don’t need more money. Rather, we need better money management skills, financial management tools, financial advice, investment planning, and financial planning.
As is evident from the results of the research, the newer generation of Australians is referencing finances in a different light. The younger generation considers financial security more significant than owning material things and saving for the successors.
The current generation is not only aiming at financial security as their primary life goal but also taking steps to inch closer to this purpose in life. Here are the few things that the younger individuals are doing differently from their older counterparts for a better sense of financial wellbeing.
All-in-all, with the advent of time and ages, life priorities have undergone an enormous change. The lifestyle, focus and needs have all transformed, and so have the means to attain these goals. While the older generations were more focused on building wealth, owning a house, owning a car, and being successful at work, the new generation is more inclined towards achieving peace of mind, happiness, and balanced life. Therefore, financial security and the peace that comes with it have become the number one life goal for the majority of the Australians.
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What you need to know
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