High-Income Earners in Australia “Need More Money” To Live Happily

February 14, 2020 by Petar Markoski

Happiness and MoneyMany people would assume that earning $200,000 a year would be enough to ensure a happy lifestyle. However, many Australians with a salary in this range don’t think it is enough and believe they need a bit more money to enjoy the perfect life.

This was revealed based on the data provided by the Australian Bureau of Statistics (ABS). The report showed that the average Australian earns only $84,968 per year.

People who earn double the average quite surprisingly admit that they need a lot more money to enjoy a happy and comfortable life!

For those who were earning more than $200,000 a year, they thought that they needed $400 more per week to be comfortable.

News.com.au runs it’s Cost of Living Survey every two years. This is mainly to figure out what are the money concerns that most Australians have and what they think about their current lifestyle. The results have been received and the results have been integrated into new.com.au’s new Money Project, which is aimed at helping people get their finances in shape this year.

The survey revealed some fun facts. For example, there are more female respondents with salaries of more than $100,000. This group made up over 20 percent of respondents. Men are also getting richer and made up 41 percent of the respondents, which is a big jump from 37 percent during the last survey.

After Skool

 

The survey also asked people to assess where they were on a financial scale. This starts with “Struggle Street” and moves on to “Barely Coping” then “Doing OK.” The highest level is “Easy Street.”

According to the responses, close to 29 percent of the respondents that though they were on Easy Street earned a salary between $100,001 and $150,000. Another 15 percent earned on $150,001 to $200,000. Surprisingly, the people who were earning than $200,000 only comprised 16 percent of this response.

Trying to Keep Up

Those who thought they were on Easy Street were mainly those who were debt-free. But many of them still think they need to save up more than a million dollars for their retirement. There was also increasing frustration about the high cost of living in Australia.

The surprising perception of the wealthy is that they need more money to be happy. Experts state that this mindset is caused due to very high expectations and comparisons. This group is not content with what they make and are always trying to keep up and outdo someone else – which is why they feel their high income is still not high enough!

If you looking to make so extra income, why not try your hand in the forex market, which isn’t without risks but can give you a little income boost.

Petar Markoski

Petar is the finance guru, if you need a good investment this is the guy you go to! Working majority of his days in the finance sector as trader, he has gathered plenty of insight on binary options and the forex markets

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