iscover 
New research released by NGM Group, the customer-owned bank behind Greater Bank and Newcastle Permanent, has revealed that more Australians rank housing and financial security goals above lifestyle and relationship goals.
NGM Group’s new Defining Moments research series – conducted through a national YouGov survey – was commissioned to understand how Australians define their major life milestones, the financial pathways and trade-offs required to achieve these goals, and the roles that personal ambition and social comparison play in shaping milestone decisions.
According to the report, housing and financial security emerged as the nation’s most sought-after goals, with more than half (54 per cent) hoping to achieve these milestones in their lifetime.
These were followed by lifestyle and retirement goals (41 per cent), with other top goals including career progression, business aspirations, and family and relationship goals.
While getting on the property ladder has become more challenging in recent years amid high house prices and high interest rates, more than seven in 10 (73 per cent) said that they view home ownership as part of financial success.
Financial circumstances were the most powerful driver of milestone decisions, with more than four in five (85 per cent) saying their financial situation has some or strong influence over their decisions, which the authors suggested may explain why housing and financial security goals ranked so highly among residents as they seek stability.
People prepared to sacrifice to achieve their major milestones
The Defining Moments report also found that Australians – and particularly younger Australians – were focused on achieving their major life milestones and making sacrifices for them.
Nearly two-thirds (62 per cent) said they are willing to delay reaching important milestones, as long as they achieve them eventually, with 59 per cent stating that they had, or will have to, make significant sacrifices to reach their milestones.
More than half (56 per cent) said they were putting aside money to achieve their milestones, while 47 per cent were tightening budgets or making lifestyle trade-offs. More than half (52 per cent) said they had reduced their lifestyle spending already.
Just over a quarter (27 per cent) were earning additional income to achieve their milestones (with 30 per cent of these working longer hours or working multiple jobs and 22 per cent having changed jobs), while 25 per cent were using investment returns.
Regional residents more optimistic of achieving their goals than metro residents
Beyond home ownership, lifestyle aspirations remain a major focus across the nation, as 41 per cent said they hope to achieve lifestyle or retirement-related goals in their lifetime.
With better housing affordability and availability outside capital cities, regional Australians were 10 per cent more likely than their metropolitan counterparts to have already achieved home ownership.
People living outside capital cities were more optimistic about achieving lifestyle and retirement goals, with 79 per cent confident in achieving goals such as travel within the next decade. Meanwhile, 52 per cent said they could achieve retirement readiness within the same time frame, compared with 37 per cent of metropolitan residents.
Career progression continues to rank highly in perceived achievability, with nearly nine in 10 (87 per cent) who want to progress their careers feeling it’s achievable, and more than four in five (84 per cent) expecting to achieve it in less than 10 years.
Confidence was slightly higher regionally as 91 per cent of regional residents felt career progression was achievable, compared to their metropolitan counterparts (86 per cent).
For Australians hoping to achieve family and relationship goals, 82 per cent said they thought getting married felt achievable, with 78 per cent saying that having children feels within reach. Again, regional Australians were particularly optimistic, with 90 per cent believing they could achieve this goal within the next decade.
‘These goals are all about safety’
Speaking of the findings, NGM Group’s chief customer and digital innovation officer James Cudmore said: “Despite the affordability challenges and economic uncertainty they’ve experienced, our findings suggest that aspirations such as home ownership, family, and financial security still really appeal to young people.
“At their core, these goals are all about safety – a roof over your head, family there when you need a hand, a safety net for the future.
“Our world is changing a lot, and I think these goals are a very real reflection of these changes.
“Most Australians have clear aspirations for their future. While the journey may look different depending on where you live, dreams of owning a home, building financial security and creating the life you want still ring true for all Australians, from our major cities through to regional communities.
“These are life goals that remain firmly in focus, and our data showed that Australians are continuing to plan, save and make decisions with those ambitions in mind. Rather than putting them on hold or abandoning them altogether, people are finding practical ways to stay on track and make meaningful progress towards what matters most to them.
“We know the appeal of regional living has been on the rise, with diversifying economies, regional innovation and great lifestyle benefits delivering real opportunities outside of capital cities.
“Our regions are providing Australians with opportunities to achieve their goals sooner.”
[Related: Younger buyers go big on deposits despite affordability pressures]
Want to see more stories from trusted news sources?Make Broker Daily a preferred news source on Google.
