According to the results of a recent survey conducted by Sunsuper of more than 750 people from around Australia, many respondents blamed 'bad luck' for their financial dissatisfaction, while 'good luck' and 'positive thinking' on the other hand, played a big role in the financial happiness stakes.
Of those who said they were dissatisfied or very dissatisfied with their finances, 51% stated they were 'not earning enough money.' Approximately 48% said they were dissatisfied with their finances because of poor financial planning, followed by bad luck at 24%. Surprisingly, the two most likely reasons for financial stress, the economic downturn and having too much debt, came in at only 3 and 2 percent respectively.
The survey also found nearly twice as many men as women put their financial frustration down to fate and Gen Y more than any other age group attributed their financial woes to bad fortune, with 30% saying if they were luckier, they would be richer.
Those surveyed who earned under AU$60,000 per annum were also more likely than those who earned more to put the blame at Lady Luck's door.
The survey found that 69% were satisfied with their financial lives because they worked hard, although interestingly, 20% gave 'positive thinking' as a top reason, while 13% attributed it to 'good luck'. Only a quarter listed 'good financial planning' as playing a part in their financial satisfaction.
The survey also found that only 3% of Gen Y who responded attributed their financial fulfillment to their parents, which seems to contradict the notion that under 35s enjoy sponging off mum and dad.
Gen Ys also said they were not satisfied with how their lives were turning out financially, with the survey finding the older you get, the more your financial dissatisfaction grows. Only 15% of Gen Ys said they were financially dissatisfied, in comparison to 27% of Gen Xs and 32% of Baby Boomers.
It's very concerning to learn from this survey that so many people believe that their financial situation is largely out of their hands and that fate or chance plays are part in their financial satisfaction or dissatisfaction.
There are many things people can do to improve their situation and take control of their finances - for example, someething as simple as doing a budget or getting financial advice from a qualified financial planner is a start in the right direction. It does not have to be expensive or complicated and can make all the difference for a stable financial future.
For more information on how a financial planner can help you boost your financial satisfaction (without leaving it to Lady Luck or Lotto), call 1300 55 10 45 to speak to an Intellichoice Financial Adviser.
