RaboDirect report finds mates and money are the key to happiness across the nation.
New research from RaboDirect finds that less than half of all Aussies (44 %) are completely happy with their life. But it’s not all doom and gloom - across the nation, the results show that friends and finances were positive drivers of happiness across all generations.
Launched today, RaboDirect’s Financial Health Barometer Happiness Report delves into the factors that drive Australians happiness, giving tips on how to improve these through simple steps and actions.
The results found that Gen Y are happiest with 49 % indicating they are completely happy with life, followed by 44 % of Baby Boomers and 41 % of those in Gen X. Across the nation, Victoria is the happiest state (47%) followed closely by New South Wales, Queensland and Western Australia (44%).
While many might pursue significant wealth, career success and a carefree life, the Happiness Report shows that it’s the simple things in life that generate longstanding happiness – a financial plan, community involvement and strong personal relationships.
With the data also highlighting that happy Australians earn between $80,001 - $100,000 per year, live within their means and focus on a healthy work-life balance.
Glenn Wealands, Head of Research & Analytics , Rabobank Australia and New Zealand says, “The Happiness Report indicates that the key drivers of happiness for each generation are intrinsically linked to milestones and challenges faced at different life stages with relationship and financial awareness key. ”
Table 1. Key Drivers of Happiness by Generation
| Gen Y | Gen X | Baby Boomers |
| Personal relationships (46%) | Personal relationships (50%) | Personal relationships (52%) |
| Community involvement (38%) | Working the right number of hours (19%) | A long-term financial plan (23%) |
| Having a long-term financial plan (24%) | Having a long-term financial plan (19%) | Saving regularly (22%) |
| Marriage (20%) | Community involvement (16%) | Community involvement (20%) |
“It’s interesting to note that as we progress through life, different factors become more important to our happiness. However, having great personal relationships and a long-term financial plan are important elements of happiness no matter what life stage we are in,”
Of those Australians who responded as being completely happy, 61% have a good financial plan in place, 53% stay financially informed and 52% have good saving habits.
“It’s clear no matter who you are or what life stage you’re in, having financial confidence is important to ensuring happiness. Create financial goals and set a budget to help you reach your target. Depositing regularly into a high interest savings account will also keep your savings growing and help you reach your goals faster.”
Commenting on the report findings, leading clinical psychologist, Nick Petrovic says, “We often think of happiness as a goal to be achieved or a target to be reached. Instead we should focus on learning how to make the best of our situations as well as improve the factors in our life that are within our control. Relationships and financial security are all areas that we can impact and change through thoughtful steps.”
Nick Petrovic has provided a range of tips for each generation to help improve the happiness of all Aussies. These tips include:
• Invest in yourself, your passions, family, friends and community.
• Rather than working around the clock to earn the big bucks, work out what you need to earn to live comfortably.
• Get involved with your community. Follow your passion and make friends, whether it’s through volunteering, cultural groups, sports, local schools, or surf lifesaving.
Through releasing the RaboDirect Financial Health Barometer Happiness Report, RaboDirect wants to help Aussies invest their efforts in both their finances and friends to make positive changes towards their happiness.
Download the full RaboDirect Financial Health Barometer Happiness Report for more statistics and segmented data.
For further information or to arrange an interview, please email DEC PR on Rabodirect@decpr.com.au or phone at 02 8014 5033.
The RaboDirect Financial Health Barometer
As part of the annual RaboDirect Financial Health Barometer, RaboDirect surveyed 2,300 Australians, aged between 18 and 65, measuring attitudes towards savings and debt, the state of the economy, concerns for the future, relationship status, and community involvement to find what really makes us happy.
For six years, the RaboDirect Financial Health Barometer has delivered a comprehensive overview of the nation’s attitude towards savings and debt; taking the pulse of how financially prepared Australians are as well as the affect juggling finances has on our wellbeing.
The survey is conducted in order to empower Aussies to better understand and improve their financial situation by arming them with insights into how they can save more effectively.
About RaboDirect
RaboDirect is the online savings arm launched by Rabobank Australia Limited in 2007. As savings specialists, RaboDirect is passionate about helping customers achieve their savings goals, through a range of high interest savings accounts and term deposits.
RaboDirect is a division of Rabobank Australia Limited, part of the Rabobank Group, one of the world's leading specialists in food and agribusiness banking. Rabobank has more than 115 years' experience providing customised banking and finance solutions to businesses involved in all aspects of food and agribusiness.
About leading clinical psychologist, Nick Petrovic
For an additional expert opinion on the Happiness Report findings, RaboDirect called upon established psychologist, Nick Petrovic, to provide insight and tips on how to build a happier life.
As the founder of the Mind Profile Psychology Clinic, Nick Petrovic offers mental health and business related services. Having worked in both government and private sectors, Nick Petrovic has assisted business owners and employees in managing stress, improving productivity and maximising potential.