April 26, 2017
NAB Australian Wellbeing Index: Q4 2016
Australians remain highly anxious. While having more money might solve some of our concerns, it would do little to solve some of the biggest detractors of wellbeing. But, it could help close the “wellbeing gap” between high and low income earners.
- Little change in overall wellbeing, but anxiety remains the key issue…… and the gulf between anxiety and other wellbeing drivers shows no sign of improving.
- Wellbeing remains low for singles, young people, middle aged men & low income earners….. Wellbeing is highest for over the 50s, widows, married people and high income earners.
- Wellbeing is most positively influenced by our safety, relationships and homes…. In contrast, abuse and victimisation, a lack of time & substance use, detracts most.
- Most drivers of wellbeing have a much bigger positive impact on high income earners than low income earners…. particularly when it comes to standard of living, funding retirement, general finances, homes, physical health and mental wellbeing.
- While money might solve some of our concerns, it would do little to solve the biggest detractors of wellbeing…. Having more money would have the biggest positive effect on our ability to fund retirement, standard of living, and the homes we live in. But, it would have the least impact on substance use, events such as abuse and victimisation, and the time it takes us to get to work – the very factors that detractor the most from our wellbeing.
- Where money would help, how much more would make a difference to our wellbeing?….. On average just over $1.1 million for retirement funding, $500,000 for our standard of living and the house we live in, and $810,000 to buy or find a new home.
- So there’s more to life than money….. but for some drivers of wellbeing having more money would help a lot and also potentially help to narrow the “wellbeing gap” between high and low income earners.
For further information please refer to the attached document: