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The amount of money Australian men AND women need to feel rich, and the generation that cares most about making a lot of money
- Australians say they would need to earn six times what they earn now to ‘feel rich’
- A survey of more than 1,000 people showed that Gen Z felt they needed more money
- Men wanted more money to feel rich while women wanted less
Australians feel they need to earn more than six times what they currently earn to ‘feel rich’ with men wanting so much more than women, according to a new study.
Finder surveyed more than 1,000 Australians and revealed that, on average, an Australian needs to earn $336,516 per year to feel wealthy.
The median personal income in Australia is $52,338, so they would need to increase their salary six times to ‘feel rich’.
The Finder study surveyed more than 1,000 Australians and revealed that, on average, an Australian needs to earn $336,516 per year to feel wealthy. The average personal income in Australia is $52,338, so they would need to increase their salary six times to “feel rich”.
Of the generations, Gen Z unsurprisingly felt they needed the most money. Gen Z said they needed $428,474 on average to feel wealthy, compared to $345,785 for millennials and $294,705 for Gen X.
Of the generations, Generation Z unsurprisingly felt they needed the most money.
Gen Z said they needed $428,474 on average to feel wealthy, compared to $345,785 for millennials and $294,705 for Gen X.
The results of the study found that men believed they needed $347,395 compared to women who wanted $326,929.
On average, respondents said they managed to save $645 per month in 2022 and have more than $30,000 in savings.
The study found that two in three Australians have less than $5,000 in savings, highlighting the wealth discrepancy.
Sarah Megginson, a money expert at Finder, said the lure of having more money can be a slippery slope.
“A small number of high earners can make the average income figures seem impressive, but remember that the typical Australian has a salary of just over $50,000,” he said.
The study results also found that men ($347,395) believed they needed more money on average than women ($326,929).
“It’s easy to get caught up in comparing yourself to others who seem to have it all – social media can be a significant contributor with lavish videos of people constantly on display.
‘Remember that true wealth is not just about money. Feeling rich can also be having a sense of fulfillment and contentment in all aspects of your life.’
Ms. Megginson said that setting realistic financial goals is the best way to gain wealth.
‘Building wealth doesn’t have to mean earning the most competitive income; the best thing you can do is develop excellent financial management skills,’ he said.
‘Look at how much you earn and what your bills and daily expenses are to see how much you can afford to spend on luxuries like eating out and shopping.
‘Free budgeting tools like the Finder app are a great way to keep track of your income and expenses. Seeing your expenses broken down by category can help you set a realistic budget and increase your bank balance.