According to a Financial Wellbeing Index developed by ING Direct, almost one-third of Australians would move interstate if it meant being better off financially.
Men are more likely to be willing to move than women and young people in ‘Gen Y’ (aged 18-34) more likely than other age groups.
The would-be movers mostly look to Queensland as a potential new home, with people in all states other than Western Australia and Queensland overwhelmingly nominating the Sunshine State as their preferred destination. Western Australians – perhaps mindful of the footy – would prefer to move to Victoria; while Queenslanders nominated their rugby league State of Origin rival New South Wales.
Even though the key driver for relocation is a higher salary, higher income earners on more than $100,000 pa are more likely to move than those on lower incomes of less than $40,000 pa.
While 30% also nominated an improved work-life balance as a reason to move, other reasons given were all associated with financial wellbeing such as lower cost of living and reduced property prices.
“The results show that many households are focussed on financial security and are willing to move for a better life,” said CEO of ING DIRECT, Vaughn Richtor.
These findings on the preparedness to move to improve financial wellbeing are consistent with other results in the Financial Wellbeing Index which show that credit card debt has dropped to $1,470 per household – the lowest in more than two years – and median household savings is $9,735. People are also adopting a more conservative money management strategy.
“Households are saving more, reducing credit card and other debt and, as a consequence, there is a greater level of confidence in their household finances,” Mr Richtor said.
83 per cent of household are comfortable with their income levels, while 6 per cent say their income is insufficient to meet immediate bills and debts.
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