YBR

Tasmanian residents dream of being debt free and retiring

 

  • Tasmanian residents want to pay off their mortgage more than other states do
  • Buying a new car is a big priority for Tassie residents
  • Tasmanians aim to retire comfortably is much higher than mainlanders


Residents in Tasmania (TAS) are looking to pay off their mortgage and create a comfortable retirement for themselves, 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.

Tasmanians are less interested in buying their first home or an investment property than the Australian average. However, they were much more focused on paying off their mortgage and retiring in comfort. A new set of wheels is also a much bigger desire for Tasmanians.

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

“The property market hasn’t become as unaffordable in Tasmania as it is in other states. There is a big focus for respondents of the Hopes and Dreams Survey on achieving a comfortable lifestyle with items such as a new car and having a good standard of living in retirement,” Mr Bouris said.

Overall, the top dream for Tasmania’s residents is to travel and see the world, surpassing paying off the mortgage, buying a first home, buying a better car and retiring comfortably.
Mr Bouris said these top five dreams represent a state that values travel, property and a
comfortable retirement.

See how your dreams compare

“Australia is a nation of holidaymakers and globetrotters and the research showed that Tasmanians still have the travel bug. However, this is the only state where buying a first home isn’t ranked in the top two hopes and dreams. Buying a first home is a more attainable dream for Tasmanians so they focus more on paying off the mortgage,” 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.