How homeownership can ease Aussies' financial worries

By Gerv Tacadena

Renting affects the financial well-being of Australians.

For many Australians, it is easier to achieve satisfaction about their health and wellbeing than about their finances.

According to a Colmar Brunton survey, only around one in three Australians are happy with their finances. One major cause of financial worries is renting.

The study revealed that 45% of Australian renters are more likely to be unhappy with their financial wellbeing. In an earlier report on News.com.au, industry watcher and social researcher Marc McCrindle said that while buying a home takes financial commitment, it will likely affect people's sense of satisfaction when it comes to their finances.

"Individuals compare themselves to their peer group and homeownership has been the wealth vehicle they have used," he said, adding that the Australians have to bear the burden of skyrocketing costs of living.

However, the poll also revealed that one in three felt like they did not have the financial freedom to pursue options that would help them achieve satisfaction. There are also around 29% who admitted that they are financially-unprepared for emergency events.

With this, roughly one in three said they will have to keep working past the age of retirement.

For many experts, while financial wellbeing should be a priority amongst Australians, financial education is limited and completely dependent on "social, familial, or community structures and resources."

"It’s not taught in school, we don’t talk about it amongst ourselves, or with friends or colleagues, generally speaking. And yet, we know from experience that wealth can be learned," Ironfish CEO and founder Joseph Chou explained, as quoted by Property Observer.

He added: "That’s why it’s so important to us at Ironfish to inspire people to take ownership of their finances and achieve the financial freedom they need to enjoy life now and feel more confident about their future.”

More Mortgage News