Are you earning enough?

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Are You earning Enough Money
 

Household income of $102,000 a year on average is now needed for a “reasonable” standard of living. 
“This is $16,000 higher than full-time average total earnings of $86,000 per year. 

“This is $16,000 higher than full-time average total earnings of $86,000 per year. Here’s a great article published on Pg 18 Saturday Oct 27th in the Herald Sun and written by Karen Collier.

AUSTRALIANS today believe they are only moderately better off than their grandparents’ generation, a survey has found.

And they say a household income of $102,000 a year on average is now needed for a ‘reasonable” standard of living.

The National Australia Bank survey also reveals that cost-of-living pressures continue to be the biggest cause of anxiety.

Asked to judge their standard of living against other generations, those surveyed felt it was only “moderately” better than their grandparents’ generation, and not much better than their parents’.

“When people think about their standard of living they are thinking what is reasonable based on the hours they work and the job they have, and the sort of lifestyle they expect in return,” NAB head of economics, Dean Pearson, said. “Those expectations have increased over time. Things that were once a luxury, such as a holiday, are now not as uncommon for many Australians”.

The survey found that over the next year, people planned to increase spending on holidays, home renovations and school fees.

They intended to spend less on major household items, cars, investments and property.

On average, they believed a gross annual $102,000 household income was required for a “reasonable” standard of living.

“This is $16,000 higher than full-time average total earnings of $86,000 per year,” Mr Pearson said. “That may help explain why cost-of-living pressures still weigh most heavily on consumers, and why they don’t think they’ve made strides in improving their standard of living against other generations.”

  • Those on the lowest incomes, renters, women aged 30-49 and people with children had the highest anxiety.
  • West Australians and Victorians were the most anxious.
  • NAB tracks the behaviour and mindset of 2000 people every three months.
  • One in three had experienced some form of financial stress or hardship in the quarter.

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