Queenslanders all about retirement, survey reveals

  • Retirement is front of mind for Queenslanders
  • Education and owning a business were higher priorities for Queenslanders than other Australians
  • State-wide dreams vary: Ipswich residents most want a boat, whereas those in Bundaberg want a new car

Residents of sunny Queensland (Qld) are more focused on retiring comfortably and personal growth and business goals than other Australians, 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 revealed some surprising differences across the state’s regions.

For instance, more people in Bundaberg aim to upgrade their car, whereas those living in Ipswich want to own a boat. Rockhampton residents are helping to grow their population with double the percentage of locals ranking ‘having a family’ as a top dream.

Brisbane also shows some interesting insights with more people wanting to get their partner to the altar than average. However, those living on the Gold Coast are happy to stay put with less people wanting a sea or tree change and more people who rate selling their business and retiring comfortably as a goal.

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

“With Queensland covering more regional towns than other eastern states, it’s good to see that more people want to expand their qualifications and start a businesses. It’s not surprising with the sunny climate that many in this region are thinking about retiring comfortably. People have less of a desire to move away than other places in the country and more of a desire to build a comfortable life for themselves,” Mr Bouris said.

See how your dreams compare

Overall, the top dream for Qld residents was to travel and see the world, surpassing buying a first home, getting debt under control, paying off the mortgage and owning a business.

Mr Bouris said these top five dreams represent a state that values lifestyle, property and
entrepreneurship.

“Australia is a nation of holidaymakers and globetrotters and the research shows that Queensland residents are continuing that trend. Coming in a close second is buying one’s first home. Given the country’s obsession with property, the current low interest rates – it not surprising that this is a big focus for the state.”

Mr Bouris said comparing the state statistics also highlighted some unique differences in
Queensland.

“Though travel rates highly in Queensland, it is not nearly as high as other states and territories.

Perhaps due to some of the great destinations, warm weather and beaches they have in their own backyard, less people feel the need to travel elsewhere. The research also shows more people had goals for their retirement than staring a family and helping pay for the things for their children,” 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 property or own a business – you need to get clear on what your goal is and the execution plan to make it a reality. Australians are known 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.