Page 16 - 1. What Wealthy Means to Australians in 2023

Another reflected how his priorities had been In the 20s and 30s there’s always time to
changed by a (non-Covid related) death in the recover. In the 40s there’s other priorities
family: “What’s important is being happy and including teenage kids and ailing parents.
comfortable… Saving for a rainy day is less In the 50s and 60s there’s a mad scramble
important to me because life is short.” to catch up, to meet a retirement goal, to
provision sufficiently and to protect against
There is a sense that older generations are
Fear of Running Out.
more focussed on financial planning, and are
stressed when matters don’t go to plan (such It’s almost as if there’s a number of different
as during a pandemic). strands to the way people think about
wealth in the 2020s. On the one hand, as
Younger generations on the other hand are
one participant put it: “There’s no liquidity in
perhaps even subliminally aware that there’s owning a home. I can’t sell half of it. You need
more time to recover, to plan and to provision to have other investments too.”
for retirement.
But then there’s this from yet another
Planning for being wealthy gets distorted participant: “home ownership makes you
along the lifecycle way. feel more financially stable.”

In the 50s and 60s there’s a mad scramble
to catch up, to meet a retirement goal, to
provision sufficiently and to protect against
Fear of Running Out.”

amp.com.au What wealthy means to Australians in 2023 15