New data reveals that a third of Aussies are happy and confident about the prospect of packing and moving interstate if it meant they could be more financially secure. The report says that 31% are content with moving if their balance between working and living can be improved and they could improve their bank balance by earning higher salaries.
According to views expressed in ING Direct’s Financial Wellness Index Queensland is the most popular spot with 46% of respondents saying they would move to the aptly named Sunshine State. New South Wales and Victoria were both popular locations for 40% of survey participants.
The biggest motivator was a higher salary, which appealed to 32%, followed by a more productive work and life balance, supported by 30%. At least 19% said a lower cost of living would make them want to pack and go while 10% favoured lower mortgages because of more affordable property prices and 9% were attracted to the prospect of better jobs.
ING Direct considered the number of locals who embraced the prospect of moving high but also said it was a sign of an adaptable and flexible workforce. The ethos of adaptability is said to be at its highest levels ever and is also more prevalent among the younger generations, who are showing an increasing affinity for mobility when compared to older generations.
ING Direct interpreted the data as a sign that people viewed it a quick way and an accessible opportunity to make money and fund their first home purchase before they chose to settle down.
Queensland topped the popularity stakes as the most desirable location because of the allure of its lifestyle. The data also suggested that men were more driven by money to relocate, at 32%, compared to 28% of women who participated. The prospect of moving appealed slightly more to the residents of South Australia, with 35% indicating they would be happy to pack up and go if it meant they would be able to able to earn higher salaries.
Furthermore the index saw household comfort levels increase from 105.6 in the June quarter to 109 in the quarter to September, its highest level since September 2010. The report authors concluded that the increase in flexibility and mobility was due to a change in mindset and consumer behaviour which has seen people behaving more cautiously but with a view to improve their financial futures in a more sustainable way.
The changes in consumer behaviour have included a slow uptake on more attractive home loan offers, a commitment to repaying credit card debt quickly, a decrease in credit card use and lower spend in the retail sector. Meanwhile, the banks are also keeping their end of the personal loan game competitive, shows research at http://www.bankwest.com.au/personal/personal-loans/personal-loans-overview.
And while there were slight fluctuations in popularity between different regions the interest in moving was fairly widespread and evenly distributed. Queensland was the most popular destination to move to increase personal finance, followed by Queensland and Victoria which both had the support of 40% of respondents, Western Australia with 31% of votes, South Australia with 30% of votes, Tasmania with 22%, ACT with 20% and 16% of people saying they would be happy to move to the Northern Territories. The results indicate that it is not so much the location as the motivation behind the relocation that is cultivating the appeal.
It is proof that Aussies are living by the adage ‘adapt to survive’ and that economic uncertainty probably isn’t strong enough to break the morale, with so many people fully accepting of the contingency plans available should their financial circumstances become weaker. It certainly isn’t an indicator of a conservative culture, a phenomenon that consumers have recently been accused of.
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