The wellbeing of mortgage holders and those who already own their own homes tends to be substantially higher than those who have no plans to buy a house, according to the RaboDirect Financial Health Barometer 2015.
“There’s a lot of commentary in the market at the moment around the booming property market and the impact it is having on Australians. And it’s clear from this year’s Financial Health Barometer that people who are in the property market are more inclined to pursue activities to boost their health and fitness, and feel happier with their lives overall,” says Glenn Wealands, head of research and analytics at RaboDirect Australia.
The 2015 Financial Health Barometer, which surveyed 2,500 Australians aged between 18 and 65, found that half of homeowners say they are completely happy with life, 44 per cent say they are in excellent health, 53 per cent say they feel in control of their lives and 67 per cent always try to make healthy choices.
This compares to people who say they have no intention to buy a house; 29 per cent of whom say they are completely happy with life, 27 per cent say they are in excellent health, 29 per cent say they are in control of their lives and 45 per cent always try to make healthy choices.
Interestingly, survey respondents who say they have no intentions to buy a property are also those who are most likely not to be investing in their health. Of non-intending buyers, 15 per cent buy organic food, 10 per cent of which say they use a gym. The same figures for homeowners are 29 per cent and 25 per cent respectively.
“These results indicate that having a savings goal and plan around items like home ownership can bring happiness,” Mr Wealands continues.
“Our research this year clearly shows that Australians who are motivated in all aspects of life from health and fitness, getting out to watch a sports match or walking their dog, are generally more happy and financially in control.”
Mr Wealands continues, “The lesson here is to get motivated about your money. At RaboDirect, we understand how hard Australians work to earn money and we want to ensure they’re making the most of their savings so they can make the most of life. Simple tactics such as swapping from a transaction account to an account earning higher interest rate can make all the difference.