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Finance Investment, General News

What Money Means to Australians?

Acheive Moorr Pty Ltd 5 mins read
Moorr - Graphic of Results

With all the current challenges around cost of living, 13,800 Australian households shared their long-term thoughts about what money means for them.  Whilst most insights confirm some sage thinking, there remains a big gap between what we aspire to have versus what we end up with.

Moorr, a personal finance & wealth building platform, have just released the results of its ‘What Does Money Mean for Me’ questionnaire.  

Designed to help one think about what and how having money can best serve them over time, 13,832 Moorr users picked from a list of 54 different options on what money means to them.

“I’ve interviewed and spoken to thousands of people about what money means and provides for them, and many often struggle to articulate their thoughts on this subject.  That’s why we introduced a questionnaire like this because it helps think about and explore how money will best serve them. Having this big picture clarity also makes the next steps of planning and setting about achieving these outcomes more connected and tangible,” said Ben Kingsley, one of the co-creators of Moorr.   

Not surprisingly, ‘Security’ ranked at the very top of the list, with 10,406 users selecting it as part of their core items of importance.  That result was a tick over 75% of all respondents.

Drawing further focus on the importance of financial safety was ‘Stability’ (7,406) which came in at number 7 and ‘Peace of Mind’ (6959) which ranked at number 9.

The Top 10 results were:

  1. Security
  2. Freedom
  3. Work Life Balance
  4. Providing for Family
  5. Travel
  6. Time with Family
  7. Stability
  8. Comfort
  9. Peace of Mind
  10. Lifestyle Choices

At least one or more of the top 10 selections were found in almost 50% of all questionnaires completed.

“When you look at this top 10 list, you really get a sense of what is important for most Australians.  They want to be financially secure, and they want to take care of themselves and their families. They also want more free time, for which travelling is a high priority for many,” Kingsley explained.

With such a large list of categories (54) to choose from, the questionnaire was designed to explore the several different impacts money can and does have on our lives - from its functional utility as the universal exchange for goods and services, to consideration to the time it takes us to earn it and some of the more intangible outcomes in terms of how it can make us feel or behave. 

Some of the more surprising results included ‘Better Health’ which only ranked 25th on the list, when many believe ‘your health is your wealth’.  Also, a ‘Better Home’ only ranked 30th on the list, when property website and home improvement shows are considered a favourite pastime for many Australians. 

A lower ranking of these two categories could be the result of a younger user profile on the Moorr platform as well as those who are currently content with their homes.

Of the other more interesting results in the data is where ‘Control’ ranked – at number 22. This ranking confirms what many money experts who help Australian households manage and invest their money observe, and that is, effort and over-confidence.

“From years of experience in dealing with folks in this space, the biggest gap is terms of wanting financial stability versus achieving financial stability is the lack of effort - in terms of the time, attention and trade-off decisions that need to be made for some delayed gratification. The other big one is over-confidence, where they think they are pretty good money managers, but in fact there are opportunities for improvement in lots of places, and that’s usually resulting in their money not working as hard as it could be for them,” said Kingsley.

As values and priorities differ from person to person and household to household, it is important to think about your own relationship with money and how it can best serve you, rather than you being a slave to it. Questionnaires like this make you think about money in terms of personal well-being & growth, relationships & family, lifestyle & enjoyment, and finally social impact & contribution.

Kingsley said, “The more you think about what money means to you, the more you bring it into your conscious thought and hopefully your future actions.”

ENDS.

 

Media Enquiries
For more information or interviews, please contact:

Ben Kingsley

0403 795 252

ben@moorr.com.au

 

About Moorr

Moorr is a purpose-built platform for aspiring Australian’s looking to plan and live out their best lives, with core themes of Lifestyle (Goals), Money (Finances), Property (Home or Investment) and Wealth Building (Retirement Planning). 

 

Developed by experienced and qualified professionals in the financial services and property sectors, Moorr provides an all-in-one platform with over 60 tools and features to help users set up, organise, document and manage their lives.

It’s all about achieving more, with Moorr.

www.moorr.com.au

The Moorr platform is free to create an account and is available for download via iOS, Android mobile app or accessible via desktop through a web browser, such as Google Chrome  

About Ben Kingsley

Ben is the co-creator of the Moorr platform and co-author of two best-selling books – Make Money Simple Again & The Armchair Guide to Property Investing. He is also co-host of The Property Couch podcast and Managing Director of the multi-award winning, holistic advisory firm - Empower Wealth.

 

 

About the ‘What Does Money Mean to You’ Questionnaire Results

Results are anonymised aggregated totals by users who have completed the questionnaire within the Discovery Section of the web version of the Moorr platform. 

 

Supporting Materials

 

Category

Count

SECURITY

10406

FREEDOM

9692

WORK LIFE BALANCE

8837

PROVIDING FOR FAMILY

8463

TRAVEL

7842

TIME WITH FAMILY

7623

STABILITY

7406

COMFORT

7397

PEACE OF MIND

6959

LIFESTYLE CHOICES

6710

IMPROVED LIFESTYLE

6692

GROWTH

6193

CHOOSE WHAT I WANT TO DO

5922

WORK LESS

5921

HAPPINESS

5117

PERSONAL TIME

5082

TAKE CARE OF YOURSELF

5013

SUCCESS

4657

RELAXATION

4610

TIME FOR HOBBIES

4535

ADVENTURE

4473

CONTROL

4449

GENEROSITY

4422

REALISING DREAMS

3992

BETTER HEALTH

3861

ACCOMPLISHMENT

3784

BETTER EDUCATION FOR KIDS

3430

FULFILLMENT

3396

PURPOSEFUL LIFE

3330

BETTER HOME

3279

FINER THINGS IN LIFE

2971

OPTIMISM

2882

SELF WORTH

2634

VOLUNTEER WORK

2485

SELF CONFIDENCE

2482

HELP SOCIETY

2430

INSPIRING OTHERS

2427

PRIDE

2113

START OWN BUSINESS

2029

NOT WANTING FOR ANYTHING

1967

HOLIDAY HOME

1865

RESULTS

1829

ABUNDANCE

1619

QUIET TIMES

1318

POWER

1250

BETTER CAR

1185

COMPASSION

1118

MORE BIG KIDS TOYS

1026

STUDY AGAIN

1004

INFLUENCE

963

ACTUALISATION

707

STYLE AND GRACE

655

RECOGNITION

477

MORE JEWELLERY

112

   

Total Completed Questionnaires

13,832

 


About us:

About Moorr

Moorr is a purpose-built platform for aspiring Australian’s looking to plan and live out their best lives, with core themes of Lifestyle (Goals), Money (Finances), Property (Home or Investment) and Wealth Building (Retirement Planning). 

 

Developed by experienced and qualified professionals in the financial services and property sectors, Moorr provides an all-in-one platform with over 60 tools and features to help users set up, organise, control and manage their lives.

It’s all about achieving more, with Moorr.

www.moorr.com.au

 

About Ben Kingsley

Ben is the co-creator of the Moorr platform and co-author of two best-selling books – Make Money Simple Again & The Armchair Guide to Property Investing. He is also co-host of The Property Couch podcast and Managing Director of the multi-award winning, holistic advisory firm - Empower Wealth.


Contact details:

Media Enquiries
For more information or interviews, please contact:

Ben Kingsley

0403 795 252

ben@moorr.com.au

 

Media

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