Vanguard One
FULL MEMBER
- Joined
- Dec 20, 2019
- Messages
- 1,307
- Reaction score
- -7
- Country
- Location
The average Australian would need to earn over $300,000 a year to consider themselves as officially "rich", new research has found.
Financial comparison site Finder found that in order to subjectively "feel" wealthy, most Australians would need to earn $326,900 per annum, some seven times greater than the median personal income of $49,805.
One in four Australians said they wouldn't consider themselves rich until they were earning at least $500,000, with those from Generation X (born 1965 to 1980) reporting the highest median figure of more than $350,000.
What does it take to feel rich? More than $300,000 a year, according to most Australians. (iStock)
Of the Australians surveyed, women reported needing slightly more ($333,010) than men ($318,952) to feel wealthy.
According to the Australian Bureau of Statistics, the average weekly earnings for Australians is $1,737.10 – ending up with a yearly salary of just over $90,000.
However as Finder's personal finance expert Kate Browne explains, this is an average – meaning the country's uberrich are likely pushing up the baseline figures of ordinary workers.
"A small percentage of high-income earners make average income statistics look impressive, but the reality is that the typical middle-class Australian is actually earning a $50,000 salary," Ms Browne said.
"If you are already fortunate enough to earn more than the median wage it's a good reminder that you are already ahead.
"It can be tempting to keep striving for more, but it's also important to truly enjoy your work."
The uber-wealthy - who are most likely to call Point Piper (above) home - are likely pushing up average data from the ABS. (AAP)
Infinity pools and tropical escapes look amazing on social media, but may not accurately reflect a person's financial wellbeing.
Ms Browne reminded Australians that competing with friends and family over salary will not be as personally rewarding as trying to maximise happiness while being financially conservative.
"Remember social media is a highlight reel, and while it can seem like everyone around you is hustling their way to the top, appearances can be deceiving," Ms Browne said.
"There's nothing wrong with striving to be financially comfortable, but endeavouring to compete with others is exhausting, expensive, and you'll never be satisfied with what you already have.
"It can also encourage you to overspend on items you can't afford."
The information provided on this website is general in nature only and does not constitute personal financial advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information on this website you should consider the appropriateness of the information having regard to your objectives, financial situation and needs.
Financial comparison site Finder found that in order to subjectively "feel" wealthy, most Australians would need to earn $326,900 per annum, some seven times greater than the median personal income of $49,805.
One in four Australians said they wouldn't consider themselves rich until they were earning at least $500,000, with those from Generation X (born 1965 to 1980) reporting the highest median figure of more than $350,000.
What does it take to feel rich? More than $300,000 a year, according to most Australians. (iStock)
Of the Australians surveyed, women reported needing slightly more ($333,010) than men ($318,952) to feel wealthy.
According to the Australian Bureau of Statistics, the average weekly earnings for Australians is $1,737.10 – ending up with a yearly salary of just over $90,000.
However as Finder's personal finance expert Kate Browne explains, this is an average – meaning the country's uberrich are likely pushing up the baseline figures of ordinary workers.
"A small percentage of high-income earners make average income statistics look impressive, but the reality is that the typical middle-class Australian is actually earning a $50,000 salary," Ms Browne said.
"If you are already fortunate enough to earn more than the median wage it's a good reminder that you are already ahead.
"It can be tempting to keep striving for more, but it's also important to truly enjoy your work."
The uber-wealthy - who are most likely to call Point Piper (above) home - are likely pushing up average data from the ABS. (AAP)
Infinity pools and tropical escapes look amazing on social media, but may not accurately reflect a person's financial wellbeing.
Ms Browne reminded Australians that competing with friends and family over salary will not be as personally rewarding as trying to maximise happiness while being financially conservative.
"Remember social media is a highlight reel, and while it can seem like everyone around you is hustling their way to the top, appearances can be deceiving," Ms Browne said.
"There's nothing wrong with striving to be financially comfortable, but endeavouring to compete with others is exhausting, expensive, and you'll never be satisfied with what you already have.
"It can also encourage you to overspend on items you can't afford."
The information provided on this website is general in nature only and does not constitute personal financial advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information on this website you should consider the appropriateness of the information having regard to your objectives, financial situation and needs.
