Page 15 - 1. What Wealthy Means to Australians in 2023

8 . F O C U S G R OUP F I N DI N G S Covid shifted my perspective—

Despite the concerns raised by workers and retirees in mid-2022 I now realise the importance of
via the Wellness survey the consensus of the focus groups (fielded
across 3 generations and 3 cities) in early 2023 was perhaps more connecting with people.”
philosophical than financial.

As one participant stated: “time is more Indeed, it was recognised that the aim was to
important than money.” Another reflected have sufficient finances to deliver freedom of
upon the whole experience: “Covid shifted choice in life, in retirement.
my perspective—I now realise the importance
When participants were asked what ‘wealth’
of connecting with people.”
meant they cited:
Another participant said in response to what • Financial independence
is important “Health. If you haven’t got your • Having contentment
health, you haven’t got anything.” • Being in good health
• Being close to family
There may have been a shift in the national
• Having the freedom to make choices
mood between the June 2022 Wellness
• Having time to do things for self and
survey and the January 2023 focus groups,
for others
but the latter group’s comments seem to be
• The absence of stress
simply that the pandemic was receding.
• Being educated and being able to
Perhaps naturally enough the older cohorts provide education for children
the baby boomers (born 1946-1964) and • Having the ability to help and care for
the Generation Xers (1965-1982) had a more others
traditional view of wealth often based around • Having a supportive social circle
financial wealth. • Having a sense of success (in life).

The younger cohort, the Millennials (1983- The focus groups tended to argue that while
2000) tended to have a more balanced view financial capacity was important it wasn’t the
of being wealthy which comprised financial main game. As one participant put it “being
wealth plus stability. rich doesn’t make you happy.”

14 What wealthy means to Australians in 2023