The Death of Traditional Wealth Generation: Say Goodbye to Dream Homes

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Discover the surprising shift in Australia’s wealth generation landscape as prioritising the dream life concept challenges the nation’s long-standing obsession with the dream home.

In partnership with McCrindle, Insignia Financial unveils the Financial Freedom Index, revealing Australians’ changing financial aspirations.

Australians’ New Focus: 60% Pursue Their Dream Life, While 40% Lean Towards Homeownership

Generation X and Baby Boomers prioritise financial independence, while Generation Z embraces homeownership as a gateway to independence. Australians value financial freedom (55%), regular holidays (50%), work/life balance, and homeownership (both at 45%).

Generation Z emerges as the frontrunner, with 63% emphasising homeownership as their ultimate aspiration. Meanwhile, 54% of Millennials focus on work/life balance.

Mark McCrindle, the founder and Principal of McCrindle Research, validates the data as reflecting Australians reevaluating their priorities post-COVID-19 era.

“It’s all about achieving work-life balance and embracing the entire journey, not just fixating on the financial destination,” expresses McCrindle.

“It involves taking vacations, pursuing the dream life beyond the dream home, ensuring a solid financial plan and retirement savings, and having the means to enjoy life and explore various options.”

Insignia’s CEO Surprised by Prioritisation of Dream Life Over Dream Home in Australia’s Wealth Journey

Renato Mota, CEO of Insignia, expresses surprise at prioritising the dream life concept over the dream home.

“For a nation that has long been obsessed with property, there seems to be a real and significant shift happening,” Mota remarks.

“People are seeking a more active lifestyle and exploring alternative avenues for wealth creation. This shift is welcomed by our industry, which has dedicated decades of professional expertise to guide individuals in making such decisions.”

Mota acknowledges that superannuation is crucial in retirement planning but emphasises that holistic financial advice is critical to comprehensively understanding one’s goals.

“That’s the beauty of financial advice—it doesn’t impose goals on people but helps them discover and understand their aspirations,” Mota emphasises.

“It remains the most comprehensive process available for individuals to truly grasp their goals, enhance their financial literacy, and address the issues highlighted in the report.”

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