In August 2016, some fascinating information was released about the ways in which Aussies approach their finances. The study was conducted by social researchers, McCrindle in conjunction with our nation’s largest professional association of financial planners, FPA.
The ‘Dare to Dream’ research revealed that despite record property prices and debt, it wasn’t all doom and gloom; Australians are an optimistic bunch. In fact, 73% of us are invested in the future and saving for long term financial goals.
Another key finding of the study is that we fall into one of four distinct categories when it comes to our attitudes toward money and our dreams for the future: Rule Keeper, Mover & Shaker, Easy Rider and Poker Master.
Interestingly, the aforementioned 73% of us invested in our financial future fall into two categories; Rule Keeper and Mover & Shaker so let’s look at those first.
An estimated 40% of us fit into the Rule Keepers category with the most notable characteristics as follows;
33% of us best identify as Movers & Shakers when it comes to our financial dreams. Almost half of the men interviewed for the study fell into this category.
Here’s what to know for you Movers & Shakers out there;
As the name implies, Easy Riders (which reflects 15% of the population) tend to live in the moment. In addition to being enthusiastic and spontaneous, Easy Riders opt to approach their finances as follows;
Poker Masters are daring and bold in their financial decision-making, reflecting just 12% of the population. Here are the key attributes of Poker Masters;
How can knowing which financial dreamer you are prove helpful, you may ask.
We all have different strengths and weaknesses and that’s true of our financial habits too. Studies such as the one conducted by McCrindle in conjunction with the FPA, help us better understand where we thrive and where we may struggle. Taking that information to the financial planner you trust and respect (and vice versa) puts you a step ahead. It gives them helpful insight from which to tailor-make a path to your financial independence and freedom.
And while we may fit into certain categories as far as our behaviours and attitudes toward money is concerned, it’s still important to remember that we’re also individuals with our own stories and dreams too. And the beauty of finding the right financial adviser means that they’ll take the time to listen to what matters most to you and support those fabulous long-term goals you aspire to before determining the appropriate strategies to get you there. There is no such thing as ‘one size fits all’ when it comes to our finances or if there is, you’re probably not talking to the right professional!
To download the relevant infographic or for more detailed information on the Dare to Dream Case Study, click on the following links;
What you need to know
This information is provided by Invest Blue Limited (ABN 91 100 874 744). The information contained in this article is of general nature only and does not take into account the objectives, financial situation or needs of any particular person. Therefore, before making any decision, you should consider the appropriateness of the advice with regards to those matters and seek personal financial, tax and/or legal advice prior to acting on this information. Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relations to products and services provided to you.
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