NT residents dream of making a sea or tree change

  • Making a sea or tree change is more popular here than any other state or territory
  • Travel is also a top dream in the NT
  • NT residents are less focused on having a family than the rest of Australia

Northern Territory (NT) residents are the most likely of all Australians to want a sea or tree change, according to the Yellow Brick Road Wealth Management Hopes and Dreams Survey.

Yellow Brick Road (ASX:YBR) analysed the hopes and dreams of over 6,500 Australians in a survey which sought to understand the financial aspirations of the nation. The data reveals some surprising differences between the states and territories.

Territorians are less interested in having a family and helping their children buy a home than other states and territories. However, they are the most likely to want to have a sea change or tree change and are also saving for a major purchase.

Mark Bouris, executive chairman of Yellow Brick Road, said these differences represent a diverse region and the findings showed how economic conditions, the housing market and even climate can affect people’s aspirations.

“The Northern Territory has a large number of defence, service and contract workers living in the area. With the transient nature of this group and young people serving their country, it’s not surprising that family goals aren’t as high as in other places. Perhaps due to the tropical climate and many here for a short-term job, respondents are the most likely in Australia to want to make a sea or tree change,” Mr Bouris said.

Overall, the top dream for NT residents is to travel and see the world, surpassing buying a first home, buying a better car, paying off my mortgage and getting debt under control.
Mr Bouris said these top five dreams represent a territory that values travel, property and being debt free.

See how your dreams compare

“Australia is a nation of holidaymakers and globetrotters and the research showed that Northern Territory residents still have the travel bug. The Darwin property market has consistently thrived, giving owners high returns. In light of this, buying a first home was still a popular choice. This territory also highly valued getting out of debt and paying off their mortgage. Also, this area has a vast geography, so having a new vehicle also appeared in the top five hopes and dreams,” he said.

Mr Bouris said having these dreams is great, but he’s concerned that too many Australians aren’t getting the advice they need to turn dreams into reality.

“Regardless of whether your dream is to go on a holiday, buy a new property or get out of debt – you need to get clear on what your goal is and the execution plan to make it a reality. Australians areknown to value quality lifestyle and there is nothing wrong with wanting to take an annual overseas holiday. However, many people don’t achieve these goals due to their failure to plan.”

“More people should be seeking assistance to draft a financial plan, but many people think they don’t have enough money to work with. The reality is the less you have, the more important it is to get assistance. One of the things we know about reaching financial hopes and dreams is that the earlier you start, the better your outcome. Seeking advice and creating a plan can make turning your dreams into reality a whole lot easier than you imagine.”

For more information, contact:
Abby Hempfling
Branch PR and Communications Manager
Yellow Brick Road Wealth Management
T 02 8226 8295
M 0450 769 337
E Abby.hempfling@ybr.com.au

To see how your dreams compare to the rest of Australia visit www.ybr.com.au/dreamers.